Applying for a loan in Muskogee with help from Leslie Scott Realty, LLC

For most people, applying for financing can be one of the more demanding aspects of buying a home, but it doesn't have to be. I have a close business relationship with several mortgage lenders in the Muskogee area, and they've helped me realize a few things that can make the loan application process very manageable.

1 – Put together a list of questions regarding your loan program

If you do not totally understand the advantages and disadvantages of all the various programs, be sure to have a list of questions with you. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the interest rate, the mortgage lender is guaranteeing the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who opt to float presume that 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 reduce your rate

Usually you can elect 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. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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