Let Coldwell Banker Mike Jones Company assist you in financing a new home.

For many people, applying for mortgage financing can be one of the more stressful elements of buying a home, but it doesn't have to be. Being close with several lenders in the Edmond area has helped me learn some things that will make the loan application process a snap.

1 – Compile a list of questions regarding your loan program

If you do not completely understand the ins and outs of all the different programs, make sure you have a list of questions with you. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the rate, the lender is holding to the mortgage interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who decide to float think 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 lower your rate

If you decide to pay additional points to lower the rate of your loan, you will 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 in determining if purchasing points is the best option for you.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of common loan documentation.