Applying for a loan with help from Oil Region Realty, LLC

Applying for the loan is one of the most troublesome aspects of buying a house, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in Oil City, and they've helped me recognize some things that will make the loan application process a breeze.

1 – Create a list of questions about your loan program

If you find that you don't thoroughly understand the pros and cons of all the different programs, make sure you bring a list of questions. Oftentimes, it can be a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each one.

2 – Decide when to lock

By locking in the interest rate, the mortgage lender is keeping to the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who elect to float presume interest rates will plunge 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

When you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan. If you're not sure if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.

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