Applying for your home loan in Edmond with the help of Coldwell Banker Mike Jones Company

Applying for a mortgage loan is one of the most exasperating parts of buying a home, but it doesn't have to be. I'm very well-connected with many mortgage lenders in the Edmond area, and they've helped me realize a few things that make the loan application process a breeze.

1 – Put together a list of questions about your loan program

If you do not completely comprehend the ins and outs of all the various loan programs, be sure you have a list of questions with you. It can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

By locking in a rate, your mortgage lender is holding to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Those who prefer to float believe interest rates will fall 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 decrease your rate

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.