Do you want to finance your new home? Oil Region Realty, LLC can help.

When purchasing a home, applying for a loan is a troublesome event for most people, but it doesn't have to be. I'm very connected to some mortgage lenders in the Oil City area, and they've helped me learn a few things that make the process of applying for a loan much easier.

1 – Organize a list of questions about your loan program

If you find that you don't fully comprehend the advantages and disadvantages of all the different loan programs, make sure to have a list of questions with you. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in an interest rate means that a lender holds to the 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 loan application day and issuance of closing documents. Buyers who decide to float believe that 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 rate

When you decide to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you in deciding if buying points is right for you.

4 – Bring your paperwork

Obtaining 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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