Are you going to finance a new home in Lawton? Sasseen Realty Group at Remax Professionals can help.
For a lot of people, applying for mortgage financing can be one of the most distressing elements of buying a house, but it doesn't have to be.
Having connections with several lending companies in the Lawton area has helped me understand some things that can make the process of applying for a loan pretty simple.
1 – Create a list of questions about your loan program
If you find that you do not completely comprehend the pros and cons of the different programs, be sure to bring a list of questions with you.
It's hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both.
2 – Decide when you want to lock
Locking in the interest rate designates that the lender commits to the 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 day of your loan application and closing. Buyers who opt to float believe interest rates will fall 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
When you elect to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will assist you with deciding if buying points is right for you.
4 – Compile your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.