Are you going to finance your new home in Muskogee?

When purchasing a home, applying for the loan is distressing for most people, but it doesn't have to be. Having connections to several mortgage lenders in the Muskogee area has helped me recognize a few things that make the loan application process very manageable.

1 – Assemble a list of questions regarding your loan program

If you find that you don't completely comprehend the pros and cons of the different loan programs, be sure to have a list of questions with you. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program, because it is a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in indicates that your lender holds to the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who decide to float believe that the interest rates will fall 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

When you opt to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of general loan documentation.