Thinking about financing your new home in Edmond? Coldwell Banker Mike Jones Company can help.

When purchasing a home, applying for a loan is stressful for a lot of people, but it doesn't have to be. Having connections to several mortgage lenders in Edmond has helped me recognize a few things that will make the loan application process uncomplicated.

1 – Create a list of questions regarding your loan program

If you don't perfectly realize the ins and outs of the different loan programs, make sure to bring a list of questions with you. It's a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

By locking in the rate, a lender is holding to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Those who elect to float believe interest rates will drop 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 rate

Oftentimes you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To determine if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of normal loan documentation.