Are you going to finance your home?

Many buyers believe applying for the mortgage loan is one of the most stressful elements of purchasing a home, but it doesn't have to be. I'm very connected with some lending companies in Muskogee, and they've helped me learn a few things that can make the loan application process uncomplicated.

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

If you do not fully realize the pros and cons of all the various programs, be sure to bring a list of questions with you. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the rate, your mortgage lender is committing to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who decide to float think interest rates will dip 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 rate

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

4 – Compile your paperwork

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