Thinking about financing a new home? Leslie Scott Realty, LLC can help.

Applying for the mortgage loan is one of the most demanding parts of buying a home for a buyer, but it doesn't have to be. I'm very connected to some lending companies in Muskogee, and they've helped me learn some things that can make the loan application process easy.

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

Be sure to have a list of questions with you if you don't completely understand the pros and cons of the various loan programs. I or one of my lenders can help you understand the advantages and disadvantages of both programs, because it is a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, the mortgage lender is guaranteed to hold to the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who elect 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 decrease your rate

If you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.