Are you financing a new home? Vawter Real Estate can help.

For many people, applying for the loan is one of the most stressful elements of purchasing a home, but it doesn't have to be. I have a close relationship with many mortgage lenders in Norman, and they've helped me learn a few things that make the loan application process easy.

1 – Make a list of questions regarding your loan program

Be sure you have a list of questions if you find that you do not perfectly understand the pros and cons of the various programs. It can be a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one.

2 – Decide when to lock

By locking in an interest rate, your mortgage lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who elect to float think that interest rates will drop 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 decrease your rate

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

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.

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