Are you going to finance a home in Oil City?

Most buyers think that applying for the mortgage loan is one of the most troublesome aspects of buying a home, but it doesn't have to be. I have a close business relationship with a lot of lenders in Oil City, and they've helped me realize a few things that will make the process of applying for a loan uncomplicated.

1 – Create a list of questions about your loan program

Make sure you have a list of questions if you find that you don't perfectly realize the pros and cons of the different programs. It's hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in a rate, it means that a mortgage lender keeps to the interest rates for the loan – generally 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 your loan and closing. Buyers who decide to float think interest rates will decline 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 reduce your interest rate

Typically you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining 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 common loan documentation.

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