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Getting your mortgage is just one part of getting into a new home. The Virtual Real Estate Team 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.

Applying for a home loan

For a lot of people, applying for the loan can be one of the more stressful parts of buying a house. But it doesn't have to be. Being close with many mortgage lenders in the Oklahoma City area has helped us realize a few things that make the process of applying for a loan much easier.

1 – Compile a list of questions about your loan program

If you do not completely understand the advantages and disadvantages of all the different financing options, be sure to have a list of questions. It's hard to understand the distinctions between both fixed and adjustable rate mortgages. One of our lender contacts or associates will assist you with understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in the interest rate, it designates that a lender holds to 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 at any time between the loan application day and closing. Those who decide to float presume interest rates will decline 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 lower your rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're not sure if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to preview typical information that goes on a loan application.

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Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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