Are you financing a home in Tulsa?
When purchasing a home, applying for financing is a stressful event for many people, but it doesn't have to be.
Having connections to some mortgage lenders in the Tulsa area has helped me understand a few things that will make the process of applying for a loan a snap.
1 – Create a list of questions regarding your loan program
If you find that you do not totally realize the advantages and disadvantages of all the various programs, make sure to bring a list of questions with you.
It can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when you want to lock
Locking in an interest rate signifies that your lender holds to the interest rates for the loan – most often at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who elect to float think 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 reduce your rate
When you decide to pay additional points to lower the interest 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.
Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.
4 – Gather your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of typical loan documentation.