Applying for your loan in Oil City with help from Oil Region Realty, LLC
Most buyers believe that applying for mortgage financing is one of the more exasperating elements of purchasing a home, but it doesn't have to be.
Being close with various mortgage lenders in the Oil City area has helped me recognize a few things that will make the process of applying for a loan very manageable.
1 – Make a list of questions about your loan program
If you do not perfectly comprehend the pros and cons of all the different programs, be sure to bring a list of questions with you.
It can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both.
2 – Determine when to lock
By locking in a rate, a lender is holding to the interest rates for the loan – ordinarily at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who opt to float presume the interest rates will fall 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 lower your rate
When you decide to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
To decide if you should purchase points, click here to use our points calculator.
4 – Gather your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.