Thinking of financing your new home in Tulsa?
A lot of people think applying for financing is one of the most distressing elements of buying a house, but it doesn't have to be.
I have a close relationship with various mortgage lenders in Tulsa, and they've helped me understand a few things that can make the process of applying for a loan pretty simple.
1 – Organize a list of questions regarding your loan program
If you don't entirely realize the pros and cons of the various loan programs, be sure to bring a list of questions with you.
I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it is hard to know the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in an interest rate indicates that a lender commits to the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who opt to float conclude 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 interest rate
When you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of general loan documentation.