Thinking of financing your new home in Norman?
Applying for the loan can be one of the most distressing elements of buying a home for a buyer, but it doesn't have to be.
I have a close business relationship with a lot of lenders in the Norman area, and they've helped me recognize a few things that can make the process of applying for a loan very easy.
1 – Organize a list of questions regarding your loan program
If you don't fully understand the advantages and disadvantages of all the different loan programs, be sure you have a list of questions.
I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the interest rate, it designates that your lender holds to the mortgage interest rates for the loan – often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who decide to float presume that 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 rate
If you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan.
Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.
4 – Gather your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.