Looking to finance a home in El Reno?

When buying a home, the loan application is very distressing for many people, but it doesn't have to be. Being close to a lot of lenders in the El Reno area has helped me understand a few things that make the loan application process very easy.

1 – Make a list of questions regarding your loan program

If you find that you do not entirely realize the advantages and disadvantages of all the different financing options, make sure you bring a list of questions. One of my lender contacts or I will help you understand the advantages and disadvantages of both programs, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, the lender is guaranteed to keep to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who prefer to float conclude interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Compile your paperwork

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

Need More Help?

Securing financing is just one part of getting into a new home. Preferred Properties, R.E. is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call me today at 405-262-6020 if your needs include a professional REALTOR® experienced at the business side of buying and selling.

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