Let Vawter Real Estate help you with financing your home.

Most people think that applying for the mortgage loan is one of the more troublesome parts of purchasing a home, but it doesn't have to be. Being connected with many mortgage lenders in Norman has helped me realize some things that will make the process of applying for a loan a snap.

1 – Compile a list of questions about your loan program

If you find that you don't entirely understand the advantages and disadvantages of the various programs, make sure to have a list of questions with you. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, a lender is sure to keep to the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who elect to float believe that interest rates will drop 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

When you decide to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is right for you.

4 – Compile your paperwork

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

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