Feeling lots of anxiety over applying for a mortgage? You don't have to be. I have close business relationships with several lending companies in Oklahoma City, and they've helped me realize a few things that make the loan application process very easy.
If you find that you do not fully understand the pros and cons of the various loan programs, make sure you have a list of questions with you. One of my lenders or I will help you understand the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.
When you lock in the rate, a mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Buyers who decide to float think that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
If you decide to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use my points calculator. This tool will help you determine if purchasing points is the best option for you.
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview common information that goes on a loan application.
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