PROVIDENT Real Estate can help you with financing a home.

When purchasing a home, applying for the mortgage loan is a very exasperating event for many people, but it doesn't have to be. I'm well-connected to many lending companies in Oklahoma City, and they've helped me understand a few things that can make the loan application process effortless.

1 – Compose a list of questions about your loan program

If you don't entirely comprehend the ins and outs of the different programs, make sure you bring a list of questions. At times, it can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in an interest rate, it signifies that a lender keeps to the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who choose to float conclude interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to decrease your rate

If you elect to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of general loan documentation.

Mortgage Calculator

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 4.63% 4.67%
15-yr Fixed 4.07% 4.14%
1-yr Adj 4.04% 4.06%
* national averages
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