Are you going to finance a home in Norman? Vawter Real Estate can help.

For a lot of people, applying for the mortgage loan can be one of the more distressing aspects of buying a house, but it doesn't have to be. I'm well-connected with several lending companies in Norman, and they've helped me recognize some things that can make the process of applying for a loan easy.

1 – Compile a list of questions regarding your loan program

Be sure to have a list of questions if you find that you do not perfectly comprehend the advantages and disadvantages of all the various loan programs. It can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

Locking in a rate signifies that a lender commits to the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who elect to float conclude that interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to decrease your rate

Normally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're unsure as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.

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