Johnson Realty (580) 759-3700 can help you with financing a home.

When purchasing a home, applying for the loan is a very demanding event for most people, but it doesn't have to be. Being close to various lenders in Stratford has helped me recognize a few things that can make the loan application process very easy.

1 – Compose a list of questions about your loan program

If you do not completely understand the ins and outs of the various programs, make sure to bring a list of questions with you. At times, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

Locking in designates that a lender guarantees the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who prefer to float think 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 reduce your rate

Oftentimes you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you with determining if purchasing points is the best option for you.

4 – Bring your paperwork

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

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