Applying for your loan

When purchasing a home, applying for a mortgage loan is distressing for many people, but it doesn't have to be. I'm very connected with several mortgage lenders in Muskogee, and they've helped me realize some things that can make the process of applying for a loan uncomplicated.

1 – Make a list of questions about your loan program

Be sure you have a list of questions if you do not totally understand the advantages and disadvantages of the various loan programs. It is often hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

By locking in the interest rate, a lender is holding to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who decide to float think that the interest rates will fall 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 interest rate

When you opt to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of 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 right for you.

4 – Bring your paperwork

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