Are you looking to finance your new home in Stratford? Johnson Realty (580) 759-3700 can help.

When purchasing a home, applying for financing is a very troublesome event for most people, but it doesn't have to be. Being close to several mortgage lenders in the Stratford area has helped me understand some things that will make the loan application process effortless.

1 – Compile a list of questions regarding your loan program

Be sure you bring a list of questions if you don't thoroughly realize the advantages and disadvantages of the various loan programs. It is often hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

When you lock in a rate, your lender is guaranteed to keep to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Those who decide to float presume the interest rates will plunge 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

When you choose to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with deciding if purchasing points is right for you.

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of general loan documentation.

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