Are you going to finance a home in Muskogee?

Applying for a mortgage loan is one of the most exasperating elements of purchasing a house for a buyer, but it doesn't have to be. I have a close relationship with many lenders in the Muskogee area, and they've helped me learn a few things that will make the loan application process pretty simple.

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

If you don't completely comprehend the pros and cons of the different programs, be sure you bring a list of questions with you. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one, because it's a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in an interest rate, the lender is committing to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who opt to float presume that 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 lower your interest rate

Typically you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.