Vawter Real Estate can help you with financing your home in Norman.

When purchasing a home, applying for financing is a demanding event for a lot of people, but it doesn't have to be. I have a close business relationship with several mortgage lenders in the Norman area, and they've helped me realize a few things that can make the process of applying for a loan uncomplicated.

1 – Compile a list of questions regarding your loan program

Be sure to bring a list of questions with you if you find that you don't entirely understand the pros and cons of all the different programs. I or one of my lenders will help you understand the advantages and disadvantages of each one, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in designates that the mortgage lender commits to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who prefer to float conclude that the 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 reduce your interest rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of normal loan documentation.

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