Are you thinking about financing your home? Johnson Realty (580) 759-3700 can help.

For most people, applying for a loan can be one of the most troublesome aspects of purchasing a house, but it doesn't have to be. I have a close relationship with some lending companies in the Stratford area, and they've helped me realize some things that can make the process of applying for a loan a breeze.

1 – Create a list of questions about your loan program

If you find that you do not entirely comprehend the advantages and disadvantages of all the various programs, make sure to have a list of questions with you. I or one of my lenders can help you understand the advantages and disadvantages of each program, because it's hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, your mortgage lender is sure to hold to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who choose to float believe the interest rates will drop 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 reduce your rate

Generally you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.

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