Applying for a new home loan

For a lot of people, applying for the mortgage loan is one of the more exasperating elements of purchasing a house, but it doesn't have to be. I'm connected to some mortgage lenders in the Oklahoma City area, and they've helped me recognize a few things that can make the loan application process uncomplicated.

1 – Put together a list of questions about your loan program

Be sure you bring a list of questions if you don't completely comprehend the pros and cons of the various loan programs. I or one of my lenders can assist you with understanding the advantages and disadvantages of each one, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, it denotes that a lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who elect to float believe that the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to reduce your interest rate

Generally you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of normal loan documentation.

Mortgage Calculator

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.75% 3.79%
15-yr Fixed 3.22% 3.29%
1-yr Adj 3.46% 3.49%
* national averages
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