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

When buying a home, applying for a mortgage loan is a very stressful event for many people, but it doesn't have to be. I have a close relationship with various lenders in Norman, and they've helped me learn some things that will make the loan application process very easy.

1 – Make a list of questions regarding your loan program

If you don't totally understand the ins and outs of the different loan programs, be sure you have a list of questions with you. Oftentimes, it can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in a rate, the lender is guaranteed to commit to the interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float believe that interest rates will fall 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

If you elect to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with deciding if buying points is right for you.

4 – Compile your paperwork

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

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