Are you financing your home? Vawter Real Estate can help.

When buying a home, applying for financing is a very stressful event for a lot of people, but it doesn't have to be. Being close to various lending companies in Norman has helped me learn a few things that can make the process of applying for a loan a breeze.

1 – Organize a list of questions about your loan program

Be sure to have a list of questions if you find that you do not totally comprehend the ins and outs of all the different programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in a rate indicates that the mortgage lender commits to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who choose to float presume the 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

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

4 – Compile your paperwork

Getting a mortgage loan requires lots 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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