Chelle Greene

Sales Associate

Applying for your loan with the help of RE/MAX First

Applying for financing is one of the more demanding aspects of purchasing a home. But it doesn't have to be. I have close business relationships with various lenders in the Oklahoma City area, and they've helped me recognize a few things that will make the loan application process a breeze.

 

1 – Organize a list of questions about your loan program

If you don't fully realize the ins and outs of the various loan programs, be sure to have a list of questions. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, your mortgage lender is sure to hold to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who opt to float believe interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to decrease your rate

Normally you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together.