Looking to finance a new home? Vawter Real Estate can help.

When buying a home, applying for a mortgage loan is very demanding for most people, but it doesn't have to be. I'm familiar with many lending companies in Norman, and they've helped me understand a few things that can make the process of applying for a loan very easy.

1 – Compose a list of questions about your loan program

Make sure to have a list of questions with you if you don't entirely understand the pros and cons of the different programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, it denotes that a lender holds to the mortgage interest rates for the loan – typically 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 the loan and issuance of closing documents. Those who choose to float presume 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 lower your rate

If you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.

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