Are you financing your home in Muskogee?
When purchasing a home, applying for the mortgage loan is distressing for many people, but it doesn't have to be.
I'm connected with some lending companies in Muskogee, and they've helped me realize a few things that will make the process of applying for a loan much easier.
1 – Make a list of questions regarding your loan program
If you find that you do not perfectly comprehend the advantages and disadvantages of the different loan programs, make sure to have a list of questions with you.
It can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of each one.
2 – Decide when you want to lock
When you lock in a rate, it designates that a mortgage lender keeps to the mortgage interest rates for the loan – normally at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who choose to float think the 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 opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan.
Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.