Applying for a new home loan in Oklahoma City

When purchasing a home, applying for financing is demanding for most people, but it doesn't have to be. Being close to many lenders in the Oklahoma City area has helped me learn a few things that can make the loan application process very easy.

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

Make sure to bring a list of questions with you if you find that you do not totally understand the advantages and disadvantages of all the various loan programs. It is a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in a rate, it indicates that a mortgage lender holds to the interest rates for the loan – generally 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 at the time of closing. Buyers who decide to float believe interest rates will drop 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 interest rate

Usually you can opt 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 closing. To determine if you should buy points, 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 documentation together. Click here to get a list of normal loan documentation.