Are you looking to finance your new home in Muskogee?

Most buyers believe applying for financing is one of the more stressful elements of buying a home, but it doesn't have to be. Being close with various mortgage lenders in the Muskogee area has helped me recognize some things that make the process of applying for a loan a breeze.

1 – Create a list of questions regarding your loan program

Make sure to bring a list of questions with you if you do not fully comprehend the advantages and disadvantages of all the different programs. I or one of my lenders can help you understand the advantages and disadvantages of both programs, because it's hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, your lender is guaranteed to commit to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who prefer 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 – Determine if you want to pay additional points to decrease your interest rate

Typically you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine if purchasing 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 all your documentation together. Click here for a list of common loan documentation.