Applying for a new home loan

When purchasing a home, applying for a loan is a very demanding event for a lot of people, but it doesn't have to be. Having connections to some lenders in Tulsa has helped me realize some things that will make the loan application process a breeze.

1 – Compile a list of questions regarding your loan program

If you do not totally comprehend the ins and outs of the different programs, make sure you have a list of questions with you. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate designates that the lender keeps to the interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who prefer to float conclude 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 lower your interest rate

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

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of general loan documentation.

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