Applying for your new home loan in Muskogee

When buying a home, applying for a mortgage loan is troublesome for most people, but it doesn't have to be. Being close to a lot of lenders in the Muskogee area has helped me recognize a few things that make the loan application process easy.

1 – Compose a list of questions about your loan program

If you find that you do not entirely realize the advantages and disadvantages of all the different programs, make sure to bring a list of questions with you. Oftentimes, it can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

When you lock in the rate, a mortgage lender is sure to hold to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who prefer to float think interest rates will decline 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 reduce your rate

When you choose to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.