Do you want to finance your home?

Applying for mortgage financing is one of the most stressful parts of buying a home, but it doesn't have to be. I have a close relationship with several mortgage lenders in Lawton, and they've helped me understand some things that will make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

If you do not totally understand the ins and outs of all the various programs, be sure you bring a list of questions. It's hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

Locking in a rate means that your mortgage lender commits to the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who choose to float presume the interest rates will decline 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 lower your rate

When you choose to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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