Vawter Real Estate can help you with financing your home.
A lot of buyers think that applying for financing is one of the most distressing parts of purchasing a home, but it doesn't have to be.
I have a close relationship with a lot of lending companies in the Norman area, and they've helped me realize a few things that can make the process of applying for a loan easy.
1 – Compile a list of questions about your loan program
If you don't thoroughly comprehend the advantages and disadvantages of the various programs, be sure you have a list of questions with you.
I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it is a challenge to understand the differences between both fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in signifies that the mortgage lender guarantees the interest rates for the loan – most often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who decide to float believe that 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 rate
Usually you can choose to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.
4 – Compile your paperwork
Acquiring a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of typical loan documentation.