Are you going to finance a new home in Norman?
Applying for the loan can be one of the most demanding parts of buying a home for a buyer, but it doesn't have to be.
I'm very close with a lot of lending companies in the Norman area, and they've helped me learn some things that will make the loan application process easy.
1 – Create a list of questions regarding your loan program
Be sure to have a list of questions if you find that you do not entirely comprehend the ins and outs of all the different loan programs.
It is a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program.
2 – Decide when to lock
By locking in the interest rate, the lender is holding to the mortgage interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who choose to float believe 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 reduce your rate
If you opt to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will help you decide if buying points is the best option for you.
4 – Gather your paperwork
Acquiring a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of normal loan documentation.