For most people, securing mortgage financing can be one of the most demanding aspects of buying a house. But it doesn't have to be. We have close professional relationships with a lot of lenders in Tulsa, and they've helped us realize some things that make the process of applying for a loan a breeze.
If you don't fully comprehend the ins and outs of the various loan programs, make sure you have a list of questions. It's a challenge understanding the characteristics of both fixed and adjustable rate mortgages. One of our lender contacts or associates will be able to assist you with understanding the advantages and disadvantages of each program.
By locking in the interest rate, your mortgage lender is guaranteeing 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 closing. Those who prefer to float believe that interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for common questions you'll have to answer on a loan app.
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