Let Vawter Real Estate help you with financing your new home in Norman.
Applying for the loan can be one of the most stressful elements of purchasing a house, but it doesn't have to be.
I'm pretty connected to several lending companies in the Norman area, and they've helped me realize some things that will make the loan application process a snap.
1 – Compile a list of questions about your loan program
If you do not thoroughly comprehend the ins and outs of all the different loan programs, make sure to have a list of questions.
Oftentimes, it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs.
2 – Determine when to lock
When you lock in the interest rate, your mortgage lender is sure to commit to the interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between application and closing. Those who opt to float believe 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 interest rate
When you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.
4 – Compile your paperwork
Acquiring a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.