Looking to finance a new home in Lawton? Sasseen Realty Group at Remax Professionals can help.
A lot of buyers believe applying for the mortgage loan is one of the most demanding aspects of buying a home, but it doesn't have to be.
Being familiar with some lending companies in Lawton has helped me learn a few things that can make the loan application process very manageable.
1 – Assemble a list of questions about your loan program
If you do not perfectly comprehend the pros and cons of all the different programs, be sure to have a list of questions.
It is a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs.
2 – Decide when to lock
When you lock in a rate, it denotes that a mortgage lender guarantees the mortgage interest rates for the loan – often 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 the loan and at the time of closing. Buyers who elect to float presume the 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 rate
Typically you can choose 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 the time of closing.
To determine if buying points is the best option for you, click here to use our points calculator.
4 – Gather your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.