Let Vawter Real Estate help you apply for your new home loan in Norman.

Applying for financing is one of the most troublesome aspects of buying a house for a buyer, but it doesn't have to be. I have a close relationship with some lenders in the Norman area, and they've helped me recognize some things that will make the process of applying for a loan easy.

1 – Assemble a list of questions about your loan program

Make sure to bring a list of questions if you find that you do not entirely realize the advantages and disadvantages of the different programs. I or one of my trusted lenders can help you understand the advantages and disadvantages of each program, because it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the interest rate, your mortgage lender is committing to the mortgage interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Buyers who decide to float believe interest rates will decline 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 lower your interest rate

Normally you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot 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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