Are you going to finance your new home?

Applying for the loan can be one of the most exasperating parts of purchasing a house for a buyer, but it doesn't have to be. Being connected with many lending companies in the Tulsa area has helped me realize some things that can make the loan application process very easy.

1 – Create a list of questions regarding your loan program

If you don't fully understand the ins and outs of the various programs, be sure you bring a list of questions. Oftentimes, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each program.

2 – Determine when to lock

Locking in an interest rate indicates that the mortgage lender commits to the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who elect to float presume 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 reduce your rate

Usually you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.

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