Applying for a loan in Norman with help from Vawter Real Estate
Applying for financing can be one of the most demanding parts of purchasing a house, but it doesn't have to be.
I have a close relationship with some mortgage lenders in the Norman area, and they've helped me understand a few things that make the loan application process very manageable.
1 – Organize a list of questions about your loan program
If you find that you do not completely understand the pros and cons of the different programs, be sure to have a list of questions with you.
It is hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both.
2 – Decide when you want to lock
When you lock in a rate, it means that the lender keeps to the mortgage interest rates for the loan – normally at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who prefer to float conclude 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 reduce your rate
If you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at 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 the best option for you.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of typical loan documentation.