Applying for a home loan in Tulsa with help from Hickerson Realty

For most people, applying for mortgage financing can be one of the more troublesome parts of purchasing a home, but it doesn't have to be. I'm close to a lot of lenders in Tulsa, and they've helped me learn some things that will make the process of applying for a loan much easier.

1 – Put together a list of questions regarding your loan program

Be sure to have a list of questions if you find that you don't entirely realize the ins and outs of the different loan programs. It can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in the interest rate, the mortgage lender is guaranteed to keep to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who prefer to float conclude the interest rates will drop 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 lower your rate

Normally you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.

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