Are you thinking about financing your new home in Norman? Vawter Real Estate can help.

When purchasing a home, applying for the loan is stressful for many people, but it doesn't have to be. I'm pretty close with several lending companies in the Norman area, and they've helped me realize a few things that can make the loan application process easy.

1 – Put together a list of questions regarding your loan program

If you find that you don't totally comprehend the ins and outs of the different loan programs, make sure you bring a list of questions. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, it indicates that the lender guarantees the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who elect to float believe the interest rates will plunge 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 lower your interest rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

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

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