Applying for a new home loan in Norman with the help of Vawter Real Estate
Applying for mortgage financing is one of the most stressful aspects of purchasing a home for a buyer, but it doesn't have to be.
I have a close relationship with various lenders in Norman, and they've helped me realize a few things that make the process of applying for a loan a snap.
1 – Organize a list of questions about your loan program
Be sure to bring a list of questions with you if you find that you don't completely realize the ins and outs of the different programs.
It's a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each.
2 – Decide when you want to lock
By locking in a rate, your mortgage lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who prefer to float think that interest rates will fall 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 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 the time of closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will help you determine if buying points is right for you.
4 – Gather your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of general loan documentation.