Applying for a loan with help from Coldwell Banker Mike Jones Company

When purchasing a home, applying for the mortgage loan is stressful for most people, but it doesn't have to be. I have a close business relationship with many lending companies in Edmond, and they've helped me learn a few things that will make the loan application process a snap.

1 – Compose a list of questions regarding your loan program

If you find that you do not perfectly comprehend the ins and outs of the different loan programs, be sure you bring a list of questions. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it means that the lender commits to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who opt to float think the interest rates will plunge 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

Typically you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're undecided on whether or not buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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