Looking to finance a home in Edmond? Coldwell Banker Mike Jones Company can help.
A lot of buyers think that applying for a loan is one of the more exasperating parts of buying a house, but it doesn't have to be.
Being close to many lenders in the Edmond area has helped me understand some things that can make the loan application process effortless.
1 – Create a list of questions regarding your loan program
Make sure you bring a list of questions with you if you do not perfectly comprehend the advantages and disadvantages of the various loan programs.
I or one of my lenders can help you understand the advantages and disadvantages of each program, because it's hard to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
By locking in a rate, a lender is guaranteeing the mortgage interest rates for the loan – typically at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who elect to float conclude that 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 interest rate
When you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of common loan documentation.