Do you want to finance a home? Oil Region Realty, LLC can help.

Applying for a loan is one of the most demanding aspects of purchasing a home, but it doesn't have to be. I'm very familiar with some mortgage lenders in Oil City, and they've helped me understand a few things that make the loan application process easy.

1 – Assemble a list of questions about your loan program

If you find that you do not thoroughly understand the advantages and disadvantages of all the various loan programs, make sure to have a list of questions with you. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, it denotes that the mortgage lender keeps to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who opt to float think the interest rates will dip 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 opt to pay additional points to lower the interest 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 with determining if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a list of common loan documentation.

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