Are you thinking of financing your home?

Applying for a mortgage loan can be one of the most distressing aspects of purchasing a house, but it doesn't have to be. I have a close business relationship with some lenders in the Lawton area, and they've helped me learn a few things that will make the process of applying for a loan very easy.

1 – Create a list of questions regarding your loan program

If you do not entirely realize the advantages and disadvantages of all the various programs, make sure to bring a list of questions. It is a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in the interest rate, it means that a lender holds to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Those who decide to float presume that interest rates will dip 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 lower your rate

When you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. If you're uncertain if 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 documentation together. Click here to get a list of typical loan documentation.

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