Are you financing a home? Leslie Scott Realty, LLC can help.

A lot of people think applying for the loan is one of the more stressful elements of purchasing a home, but it doesn't have to be. Having connections to some lenders in the Muskogee area has helped me recognize a few things that make the loan application process effortless.

1 – Put together a list of questions regarding your loan program

Make sure to bring a list of questions with you if you do not totally understand the pros and cons of the various loan programs. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in an interest rate, your mortgage lender is committing to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who decide to float presume that 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 decrease your rate

If you choose to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.

4 – Compile your paperwork

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