Applying for your home loan with the help of Vawter Real Estate
When purchasing a home, applying for financing is a very exasperating event for a lot of people, but it doesn't have to be.
I have a close relationship with some lending companies in Norman, and they've helped me learn a few things that will make the process of applying for a loan a snap.
1 – Compile a list of questions about your loan program
Make sure to have a list of questions with you if you find that you do not perfectly comprehend the pros and cons of the different loan programs.
It's hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program.
2 – Decide when to lock
By locking in the rate, your lender is committing 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 anytime between the day of your loan application and closing. Buyers who prefer to float believe that interest rates will decline 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 decrease your interest rate
If you opt to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan.
Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.
4 – Bring your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.