Applying for a home loan in Muskogee with help from Leslie Scott Realty, LLC

When purchasing a home, applying for the mortgage loan is very exasperating for a lot of people, but it doesn't have to be. I have a close relationship with many mortgage lenders in the Muskogee area, and they've helped me understand some things that will make the process of applying for a loan very manageable.

1 – Assemble a list of questions regarding your loan program

If you find that you do not completely understand the ins and outs of the various loan programs, make sure you have a list of questions with you. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, the mortgage lender is sure 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. Those who decide to float believe 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 reduce your rate

Generally you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

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