Let Oil Region Realty, LLC assist you with applying for your loan.

Applying for the loan can be one of the most exasperating elements of buying a home, but it doesn't have to be. Being familiar with several lenders in Oil City has helped me realize some things that will make the process of applying for a loan a breeze.

1 – Compile a list of questions regarding your loan program

Be sure you have a list of questions if you do not completely realize the ins and outs of all the different programs. It's a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the interest rate, your lender is guaranteed to commit to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who prefer to float conclude 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

When you opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of normal loan documentation.

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