Are you thinking of financing a home in Oklahoma City? PROVIDENT Real Estate can help.
Applying for financing is one of the most stressful parts of purchasing a house for a buyer, but it doesn't have to be.
I have a close business relationship with several lending companies in the Oklahoma City area, and they've helped me realize a few things that can make the loan application process pretty simple.
1 – Assemble a list of questions regarding your loan program
If you find that you don't entirely comprehend the ins and outs of the various programs, make sure to bring a list of questions.
I or one of my lenders will assist you in understanding the advantages and disadvantages of each program, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the rate, it denotes that the lender holds to the mortgage interest rates for the loan – normally 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 prefer to float think that the interest rates will decline 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 lower your interest rate
Typically you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
To decide if purchasing points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.