Are you financing your home in Oil City?

When buying a home, applying for the mortgage loan is a very stressful event for many people, but it doesn't have to be. I'm pretty familiar with some mortgage lenders in Oil City, and they've helped me recognize a few things that make the process of applying for a loan a breeze.

1 – Organize a list of questions about your loan program

If you find that you don't completely realize the ins and outs of all the different loan programs, make sure to bring a list of questions. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each program, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, it designates that the lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who opt to float believe interest rates will decline 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 reduce your rate

Normally you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of typical loan documentation.

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