Applying for the loan can be one of the most distressing parts of buying a house. But it doesn't have to be.
Being close with various lending companies in the Edmond area has helped us recognize a few things that will make the loan application process easier for you.
Make sure you bring a list of questions if you find that you do not completely grasp the pros and cons of the different programs.
One of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one because it can be hard to know the differences between fixed and adjustable rate mortgages.
When you lock in the interest rate, the lender is guaranteed to commit to the interest rates for the loan – typically at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who opt to float presume interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to see typical information that goes on a loan application.
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