Let Vawter Real Estate help you with financing a home in Norman.

When buying a home, applying for financing is demanding for a lot of people, but it doesn't have to be. I have a close relationship with many lending companies in the Norman area, and they've helped me learn some things that make the loan application process pretty simple.

1 – Organize a list of questions regarding your loan program

If you don't totally comprehend the ins and outs of all the different programs, make sure to have a list of questions. It is a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in a rate, your lender is committing to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who elect to float presume that interest rates will decline 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 interest rate

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

4 – Compile your paperwork

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

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