Looking to finance a home in Muskogee?

A lot of buyers think that applying for a mortgage loan is one of the more exasperating elements of purchasing a home, but it doesn't have to be. Being connected to many lending companies in Muskogee has helped me recognize a few things that will make the process of applying for a loan easy.

1 – Organize a list of questions about your loan program

Be sure you have a list of questions with you if you do not totally understand the pros and cons of the different programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs, because it is hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, it signifies that your mortgage lender holds to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who elect to float think interest rates will plunge 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 lower your interest rate

When you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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