Applying for a mortgage loan, loan rates, loan tips – Stewart Properties of Oklahoma, LLC, Ada, OK

Stewart Properties of Oklahoma, LLC Loan Application Checklist

For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.


	Make a list of any questions you have about the loan program. Realtors® can help answer your questions. At Stewart Properties of Oklahoma, LLC we consider it vital that you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages. Decide if you want to lock-in or float the loan's interest rate. When you lock-in the interest rate the lender is committing to loaning you the funds for your new home at a given interest rate. However, you can choose to float the rate which gives you the option to lock-in the rate later. When buying a home you normally would only float the rate when you believe the rate is going to drop. But be cautious, if the rates rise it could raise your monthly payment substantially. Decide if you want to pay additional points to lower your interest rate. Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan. Gather your paperwork. Click here to view a list of typical loan documentation.