Do you wish to finance a home in Oil City? Oil Region Realty, LLC can help.
For many people, applying for a mortgage loan is one of the most stressful aspects of purchasing a house, but it doesn't have to be.
Being close to several mortgage lenders in the Oil City area has helped me learn some things that make the process of applying for a loan very manageable.
1 – Assemble a list of questions about your loan program
Make sure you have a list of questions if you find that you do not entirely understand the ins and outs of the different programs.
It can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each.
2 – Determine when to lock
Locking in indicates that a lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is received.
By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who opt to float presume 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 rate
If you choose to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan.
If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of typical loan documentation.