Do you want to finance your new home in Oil City?

Applying for financing can be one of the most troublesome parts of buying a home, but it doesn't have to be. I have a close relationship with a lot of mortgage lenders in the Oil City area, and they've helped me realize a few things that make the loan application process pretty simple.

1 – Assemble a list of questions regarding your loan program

Be sure you have a list of questions with you if you do not totally realize the advantages and disadvantages of the different loan programs. At times, it can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program.

2 – Decide when to lock

By locking in the interest rate, your lender is guaranteeing the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and closing. Those who decide to float presume that 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 lower your interest rate

Generally you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if purchasing points is right for you.

4 – Bring your paperwork

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

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