When purchasing a home, applying for a mortgage loan is very distressing for a lot of people, but it doesn't have to be. I have a close business relationship with many lending companies in Oklahoma City, and they've helped me understand a few things that can make the process of applying for a loan effortless.
1 – Assemble a list of questions about your loan program
Make sure you have a list of questions with you if you do not thoroughly understand the advantages and disadvantages of the various loan programs. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs, because it is hard to understand the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in an interest rate, it means that the lender holds to the interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who elect to float think the interest rates will plunge 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 decrease your interest rate
Typically you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of typical loan documentation.
Hi, I'm Patrick Garrett and I'd love to assist you. I'm an experienced Real Estate Broker with Provident Real Estate LLC in Oklahoma City, OK and the nearby area, providing homebuyers and sellers with professional, responsive, and attentive real estate services.
I specialize in all aspects of residential real estate from Listing your Home for Sale, to Home Buyer Representation, Investing or Property Management. I leverage Technology to make sure you received the best possible price & opportunity to Buy or Sell your Home.
Provident’s Investor Services & Property Management are leading the industry by utilizing state of the art property acquisition & management software to ensure a maximum ROI along with Portfolio transparency.
So, if you want an agent who'll really listen to what you want in a home or an agent who knows how to effectively market your home so it sells, Give me a call! I'm eager to help and would love to visit with you about your unique Real Estate needs.
