Are you going to finance your new home in Muskogee? Leslie Scott Realty, LLC can help.

Applying for a mortgage loan is one of the most exasperating aspects of buying a home for a buyer, but it doesn't have to be. Being connected to some mortgage lenders in the Muskogee area has helped me realize a few things that will make the process of applying for a loan uncomplicated.

1 – Assemble a list of questions regarding your loan program

Be sure to bring a list of questions if you find that you don't completely understand the pros and cons of the different loan programs. It is hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

By locking in a rate, your mortgage lender is holding to the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who elect to float think that interest rates will drop 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 reduce your rate

When you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.