Applying for a loan with the help of PROVIDENT Real Estate
Many people think applying for financing is one of the most troublesome parts of buying a home, but it doesn't have to be.
Having connections to many lending companies in the Oklahoma City area has helped me recognize some things that will make the process of applying for a loan effortless.
1 – Assemble a list of questions about your loan program
Be sure to bring a list of questions if you do not perfectly comprehend the ins and outs of the various programs.
I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it is a challenge to know the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in the rate signifies that the mortgage lender commits to the interest rates for the loan – usually at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Those who prefer to float presume that 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
If you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you with deciding if buying points is right for you.
4 – Bring your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of common loan documentation.