Are you going to finance a new home? Oil Region Realty, LLC can help.

Many buyers believe that applying for mortgage financing is one of the more stressful parts of purchasing a home, but it doesn't have to be. Being close to various lending companies in Oil City has helped me recognize some things that will make the process of applying for a loan uncomplicated.

1 – Compose a list of questions regarding your loan program

Be sure to bring a list of questions if you do not thoroughly realize the ins and outs of all the various loan programs. At times, it can be hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

By locking in the rate, a lender is committing to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who opt to float conclude 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 reduce your rate

Generally you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To decide if you should purchase points, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a 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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