Oil Region Realty, LLC can assist you with applying for your home loan in Oil City.

Many buyers think that applying for mortgage financing is one of the more stressful parts of buying a home, but it doesn't have to be. I have a close business relationship with many lending companies in the Oil City area, and they've helped me recognize some things that can make the process of applying for a loan very manageable.

1 – Create a list of questions about your loan program

Make sure to have a list of questions with you if you find that you do not thoroughly comprehend the pros and cons of all the different loan programs. At times, it can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in the interest rate, it signifies that the mortgage lender keeps to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who decide to float presume that the interest rates will drop 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 decrease your interest rate

Normally you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To determine 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 documentation together. Click here for a list of normal loan documentation.