Let Vawter Real Estate assist you in applying for your new home loan.

When purchasing a home, applying for the mortgage loan is very demanding for a lot of people, but it doesn't have to be. I'm familiar with some lenders in the Norman area, and they've helped me recognize some things that can make the process of applying for a loan a snap.

1 – Compile a list of questions about your loan program

Make sure to bring a list of questions if you find that you don't entirely understand the advantages and disadvantages of the different programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, a mortgage lender is guaranteed to hold to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float believe the 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 lower your rate

When you choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. To determine if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

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

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