Looking to finance a home? Sasseen Realty Group at Remax Professionals can help.
Applying for a loan is one of the most exasperating parts of purchasing a house for a buyer, but it doesn't have to be.
I'm pretty connected to various lenders in the Lawton area, and they've helped me recognize a few things that make the loan application process uncomplicated.
1 – Compile a list of questions regarding your loan program
If you do not completely understand the pros and cons of all 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 lender contacts can assist you in understanding the advantages and disadvantages of each one.
2 – Determine when you want to lock
When you lock in the interest rate, it designates that a lender holds to the interest rates for the loan – typically at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who elect to float conclude that 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 reduce your rate
If you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Getting a 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.