Let Hickerson Realty assist you in financing a home in Tulsa.

When purchasing a home, applying for a mortgage loan is a very demanding event for many people, but it doesn't have to be. I have a close business relationship with several mortgage lenders in Tulsa, and they've helped me understand some things that make the loan application process effortless.

1 – Make a list of questions regarding your loan program

If you don't entirely comprehend the ins and outs of all the different loan programs, make sure you bring a list of questions with you. At times, it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one.

2 – Decide when you want to lock

Locking in the rate designates that a 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 the day you apply for your loan and the issuing of closing documents. Buyers who choose to float think that 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

If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.

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