Do you wish to finance a new home in Oil City? Oil Region Realty, LLC can help.
When purchasing a home, applying for the loan is very troublesome for a lot of people, but it doesn't have to be.
Being connected with some lenders in Oil City has helped me understand some things that can make the loan application process easy.
1 – Organize a list of questions about your loan program
Make sure to have a list of questions if you find that you don't entirely comprehend the pros and cons of all the various programs.
It is often a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs.
2 – Decide when you want to lock
Locking in an interest rate signifies that a lender guarantees the mortgage interest rates for the loan – often 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 the issuing of closing documents. Those who choose to float presume that the interest rates will dip 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 elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan.
Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.