Are you thinking about financing your home? PROVIDENT Real Estate can help.
Applying for a mortgage loan can be one of the most stressful elements of buying a house, but it doesn't have to be.
I'm very well-connected to many lenders in the Oklahoma City area, and they've helped me recognize some things that will make the process of applying for a loan a snap.
1 – Put together a list of questions regarding your loan program
If you don't perfectly realize the advantages and disadvantages of all the different loan programs, be sure to have a list of questions.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to understand the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the interest rate, it denotes that a lender guarantees the interest rates for the loan – most often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who elect to float believe the interest rates will drop 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
If you elect to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will assist you with deciding if buying points is right for you.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.