Applying for your home loan in Muskogee

For most people, applying for a mortgage loan can be one of the more distressing parts of buying a house, but it doesn't have to be. Having connections with various mortgage lenders in Muskogee has helped me learn some things that can make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

Be sure to have a list of questions if you do not perfectly understand the ins and outs of all the different programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in an interest rate indicates that your lender holds to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who prefer to float believe 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 – Decide if you want to pay additional points to decrease your interest rate

Normally you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're not sure if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of typical loan documentation.