Are you financing your new home? Coldwell Banker Mike Jones Company can help.

For most people, applying for the loan can be one of the most distressing aspects of purchasing a home, but it doesn't have to be. Being connected to several lending companies in Edmond has helped me realize a few things that will make the process of applying for a loan easy.

1 – Assemble a list of questions regarding your loan program

If you find that you do not perfectly comprehend the advantages and disadvantages of the various programs, make sure to bring a list of questions with you. I or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it can be a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, it designates that the mortgage lender keeps to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who choose to float think the interest rates will decline 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 decrease your interest rate

Generally you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Bring your paperwork

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