Do you want to finance your new home? Vawter Real Estate can help.

For a lot of people, applying for the mortgage loan is one of the more distressing parts of purchasing a home, but it doesn't have to be. Being connected with a lot of lenders in Norman has helped me recognize a few things that make the loan application process effortless.

1 – Compose a list of questions regarding your loan program

If you do not perfectly realize the advantages and disadvantages of the various programs, make sure you bring a list of questions. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in designates that a mortgage lender commits to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who prefer to float presume 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 – Determine if you want to pay additional points to reduce your interest rate

Typically you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To determine if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of common loan documentation.

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