Are you thinking of financing a new home in Oil City?

Applying for the mortgage loan can be one of the most distressing elements of buying a home for a buyer, but it doesn't have to be. I'm very well-connected with several lending companies in Oil City, and they've helped me learn some things that will make the loan application process much easier.

1 – Compile a list of questions about your loan program

Make sure you have a list of questions with you if you find that you do not completely realize the ins and outs of the various loan programs. I or one of my lenders will help you understand the advantages and disadvantages of each program, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, it means that a lender holds to the interest rates for the loan – commonly 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 at the time of closing. Buyers who prefer to float presume the interest rates will plunge 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 lower your interest rate

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

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of common loan documentation.

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