Do you wish to finance a new home? Oil Region Realty, LLC can help.

Applying for mortgage financing can be one of the most distressing aspects of purchasing a house, but it doesn't have to be. I have a close business relationship with various lending companies in Oil City, and they've helped me learn some things that make the loan application process a breeze.

1 – Compose a list of questions about your loan program

If you find that you don't perfectly understand the ins and outs of the various loan programs, make sure to bring a list of questions with you. It can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

Locking in the interest rate indicates that a lender keeps to the mortgage interest rates for the loan – ordinarily 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 your loan and at the time of closing. Buyers who choose to float presume that interest rates will dip 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 decrease your interest rate

Typically you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of normal loan documentation.

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