Looking to finance a new home in Oklahoma City? PROVIDENT Real Estate can help.
For most people, applying for a mortgage loan can be one of the most distressing elements of buying a house, but it doesn't have to be.
I'm very connected with many mortgage lenders in the Oklahoma City area, and they've helped me learn a few things that will make the process of applying for a loan a breeze.
1 – Create a list of questions regarding your loan program
If you do not fully comprehend the advantages and disadvantages of the different programs, make sure to have a list of questions with you.
I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in an interest rate, the lender is guaranteeing the interest rates for the loan – normally at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float believe that interest rates will dip 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 interest rate
Typically you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
To determine if you should buy points, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of typical loan documentation.