Do you want to finance a home? Vawter Real Estate can help.

Many people believe applying for financing is one of the more distressing elements of buying a house, but it doesn't have to be. I'm well-connected to various lending companies in Norman, and they've helped me understand some things that will make the loan application process a breeze.

1 – Make a list of questions regarding your loan program

Make sure you bring a list of questions with you if you find that you don't perfectly understand the advantages and disadvantages of all the different programs. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it's a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the rate, a lender is committing to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who prefer to float presume that the interest rates will drop 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 rate

Generally you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.

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