
	Securing financing is just one part of a home purchase. Lakeland Properties Real Estate LLC is seasoned at aiding new and experienced in all areas of real estate. Call us today at 9184342700 if your needs include a real estate pro ready for the business side of buying and selling.

Thinking about financing a home?

When purchasing a home, applying for the mortgage loan is demanding for many people, but it doesn't have to be. Being connected with several mortgage lenders in the Pryor area has helped me understand a lot of the things that can make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

Be sure you bring a list of questions with you if you don't thoroughly understand the ins and outs of the different loan programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each one, because it is a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it means that a lender guarantees the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who choose to float presume that interest rates will plunge 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 reduce your rate

Usually you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.

Mortgage Calculator:

Sales Price:		$
Down:		%
Interest Rate:		%
Term:		yrs

Monthly payment:		$

Today's Rates:

Mtg Loan

Rate

APR

30-yr Fixed	3.79%	3.91%
15-yr Fixed	3.04%	3.2%
1-yr Adj	2.78%	3.45%

* national averages