Looking to finance a home?

For a lot of people, applying for mortgage financing can be one of the more demanding parts of purchasing a house, but it doesn't have to be. I'm connected to several mortgage lenders in Norman, and they've helped me understand some things that can make the process of applying for a loan very easy.

1 – Assemble a list of questions regarding your loan program

Make sure to bring a list of questions if you don't completely understand the advantages and disadvantages of the different programs. I or one of my lenders will help you understand the advantages and disadvantages of each program, because it can be hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, it signifies that a mortgage lender keeps to 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 loan application day and the issuing 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 – Decide if you want to pay additional points to lower your interest rate

When you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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