Thinking of financing a new home? Vawter Real Estate can help.

When buying a home, applying for the mortgage loan is a exasperating event for many people, but it doesn't have to be. I'm well-connected with several lending companies in Norman, and they've helped me recognize a few things that will make the loan application process pretty simple.

1 – Organize a list of questions about your loan program

If you don't entirely realize the ins and outs of all the different programs, be sure to bring a list of questions with you. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each one, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it denotes that the lender guarantees the interest rates for the loan – often at the time the loan application is received. 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. Buyers who decide to float believe the 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 interest 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 closing. Every point is 1 percent of the mortgage loan. To decide if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of typical loan documentation.

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