Securing financing is just one aspect of a home purchase. Scissortail Residential Realty is experienced at assisting both new and experienced buyers alike in all areas of real estate. Contact me
if your needs include a real estate pro experienced at the business side of real estate.
Applying for a mortgage loan is one of the most troublesome aspects of purchasing a home. But it doesn't have to be.
Being close with many mortgage lenders in the Oklahoma City area has helped me understand a few things that make the process of applying for a loan a snap.
1 – Compose a list of questions regarding your loan program
If you find that you do not entirely comprehend the ins and outs of all the various financing options, be sure you bring a list of questions.
One of my lenders or I will assist you in understanding the advantages and disadvantages of each program, because it can be hard to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when to lock
By locking in a rate, your lender is holding to the mortgage interest rates for the loan – 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 the loan and closing. Those who opt to float conclude that the interest rates will drop 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 lower your interest rate
When you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan.
If you're unsure if buying points is right for you, click here to use my points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to preview normal questions you'll have to answer on a loan app.