Are you financing a new home? Oil Region Realty, LLC can help.

Applying for a loan can be one of the most exasperating aspects of purchasing a home, but it doesn't have to be. Having connections with some mortgage lenders in Oil City has helped me understand a few things that make the process of applying for a loan a snap.

1 – Create a list of questions about your loan program

If you find that you don't entirely comprehend the pros and cons of the various programs, be sure you have a list of questions with you. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it's a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, a lender is guaranteeing the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who decide to float conclude the 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

Generally you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.

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