Are you going to finance your home in Edmond? Coldwell Banker Mike Jones Company can help.
Applying for a loan can be one of the most exasperating parts of purchasing a home for a buyer, but it doesn't have to be.
I have a close relationship with some lending companies in the Edmond area, and they've helped me understand some things that will make the loan application process very easy.
1 – Make a list of questions regarding your loan program
If you find that you don't thoroughly realize the ins and outs of all the different programs, make sure you bring a list of questions with you.
I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each program, because it is a challenge to know the characteristics of fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in the interest rate, it designates that your lender keeps to the interest rates for the loan – typically at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who elect to float conclude that interest rates will fall 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 interest rate
When you decide to pay additional points to lower the rate of your mortgage 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 assist you with deciding if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of general loan documentation.