PROVIDENT Real Estate can help you finance a home in Oklahoma City.

When purchasing a home, applying for a mortgage loan is very troublesome for many people, but it doesn't have to be. I have a close business relationship with many lending companies in Oklahoma City, and they've helped me understand some things that can make the process of applying for a loan uncomplicated.

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

Make sure you have a list of questions if you find that you do not completely understand the ins and outs of all the different programs. It is hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in the interest rate, a mortgage lender is sure to keep to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who prefer to float presume interest rates will decline 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 reduce your interest rate

If you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical 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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