Applying for a loan with the help of Oil Region Realty, LLC

Applying for a loan can be one of the most stressful parts of purchasing a home for a buyer, but it doesn't have to be. Having connections to several mortgage lenders in Oil City has helped me understand a few things that can make the process of applying for a loan very easy.

1 – Make a list of questions regarding your loan program

Be sure to bring a list of questions if you find that you do not completely understand the pros and cons of all the different programs. It's hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in a rate, your lender is holding to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who decide to float conclude the interest rates will fall 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

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

4 – Compile your paperwork

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

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