Looking to finance a home? Leslie Scott Realty, LLC can help.

For many people, applying for financing is one of the most demanding elements of purchasing a home, but it doesn't have to be. Being close to many lenders in Muskogee has helped me understand some things that make the loan application process uncomplicated.

1 – Create a list of questions regarding your loan program

Make sure you have a list of questions if you find that you do not thoroughly comprehend the pros and cons of all the different loan programs. Oftentimes, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the rate, a mortgage lender is guaranteed to commit to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who decide to float presume 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 lower your interest rate

Oftentimes you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

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