Thinking about financing your new home in Stratford? Johnson Realty (580) 759-3700 can help.

Many people think applying for a mortgage loan is one of the more troublesome aspects of purchasing a home, but it doesn't have to be. I'm pretty well-connected to a lot of lenders in the Stratford area, and they've helped me realize some things that can make the loan application process a snap.

1 – Organize a list of questions about your loan program

Be sure to have a list of questions with you if you don't fully comprehend the advantages and disadvantages of the different programs. It is often hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

Locking in an interest rate means that a mortgage lender guarantees the 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 application and issuance of closing documents. Those who choose to float think that 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 reduce your interest rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you in determining if purchasing points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of normal loan documentation.

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