Let Johnson Realty (580) 759-3700 assist you in financing a home in Stratford.

For most people, applying for a mortgage loan is one of the most distressing aspects of buying a home, but it doesn't have to be. I have a close business relationship with several lending companies in the Stratford area, and they've helped me understand some things that can make the process of applying for a loan a breeze.

1 – Assemble a list of questions about your loan program

Be sure to bring a list of questions with you if you find that you do not perfectly understand the advantages and disadvantages of the different loan programs. Oftentimes, it can be a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in the rate, it signifies that a mortgage lender holds to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who choose to float think 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 rate

Typically you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you with deciding if buying points is the best option for you.

4 – Gather your paperwork

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

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