Applying for a home loan

A lot of people think that applying for a loan is one of the more stressful parts of purchasing a home, but it doesn't have to be. I'm connected to various lending companies in the Oklahoma City area, and they've helped me recognize a few things that make the loan application process very easy.

1 – Organize a list of questions about your loan program

If you do not completely understand the ins and outs of the different programs, be sure you bring a list of questions with you. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program, because it is a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate means that your mortgage lender keeps to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who opt to float presume interest rates will drop 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 decrease your interest rate

Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.

Mortgage Calculator

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.82% 3.87%
15-yr Fixed 3.26% 3.33%
1-yr Adj 3.51% 3.54%
* national averages
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