
	Securing financing is just one part of getting into a new home. Sally Young Real Estate is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of buying and selling.

Are you going to finance a new home?

When purchasing a home, applying for a mortgage loan is very stressful for many people, but it doesn't have to be. I have close business relationships with some reputable lending companies in Oklahoma City, and they've helped me learn a few things that will make the process of applying for a loan uncomplicated.

1 – Make a list of questions regarding your loan program

If you do not entirely understand the advantages and disadvantages of the different programs, make sure you bring a list of questions with you. It's hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program.

2 – Decide when you want to lock

Locking in the interest rate signifies that your mortgage lender commits to the interest rates for the loan – generally 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. Buyers who elect to float presume that the interest rates will fall 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 decrease your rate

Typically you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to see general information that goes on a loan application.