Are you financing your new home in Edmond?
When buying a home, applying for the mortgage loan is a very exasperating event for many people, but it doesn't have to be.
I have a close business relationship with a lot of lenders in the Edmond area, and they've helped me recognize some things that make the loan application process easy.
1 – Assemble a list of questions regarding your loan program
If you do not perfectly comprehend the ins and outs of all the different programs, make sure you bring a list of questions.
It is often a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each.
2 – Determine when to lock
When you lock in an interest rate, it indicates that the mortgage lender keeps to the interest rates for the loan – often 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. Buyers who choose to float believe the interest rates will dip 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 reduce your rate
Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
Click here to use our points calculator. It will assist you with determining if purchasing points is right for you.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.