Vawter Real Estate can help you finance a new home in Norman.

When buying a home, applying for a mortgage loan is a very demanding event for many people, but it doesn't have to be. I have a close relationship with some lending companies in Norman, and they've helped me realize a few things that will make the loan application process uncomplicated.

1 – Assemble a list of questions regarding your loan program

If you don't entirely understand the advantages and disadvantages of all the different programs, make sure to have a list of questions. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, your lender is guaranteeing the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and closing. Those who decide to float conclude that the interest rates will dip 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 decrease your interest rate

Usually you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.

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