Vawter Real Estate can help you apply for a home loan in Norman.
Many buyers believe that applying for a loan is one of the more demanding elements of purchasing a home, but it doesn't have to be.
I'm pretty well-connected to a lot of lenders in the Norman area, and they've helped me realize some things that can make the loan application process pretty simple.
1 – Compile a list of questions regarding your loan program
If you find that you don't fully realize the ins and outs of all the different loan programs, be sure you have a list of questions.
I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the interest rate, a lender is sure to keep to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Those who prefer to float presume that interest rates will fall 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 interest rate
Oftentimes you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.
4 – Compile your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.