Applying for your new home loan in Oil City with help from Oil Region Realty, LLC

For most people, applying for financing is one of the most distressing aspects of purchasing a house, but it doesn't have to be. Being connected with some lending companies in Oil City has helped me recognize some things that make the loan application process very manageable.

1 – Create a list of questions regarding your loan program

Be sure to bring a list of questions with you if you don't completely comprehend the ins and outs of the various loan programs. It is often a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each.

2 – Decide when to lock

By locking in the interest rate, the mortgage lender is committing 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 at any time between the day you apply for the loan and at the time of closing. Buyers who opt to float presume the 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 reduce your interest rate

Normally you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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