Thinking about financing your new home in Oil City?

When purchasing a home, applying for a mortgage loan is a distressing event for many people, but it doesn't have to be. I'm connected with several lending companies in the Oil City area, and they've helped me learn some things that can make the process of applying for a loan pretty simple.

1 – Create a list of questions about your loan program

If you don't perfectly realize the pros and cons of the different loan programs, make sure you have a list of questions with you. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it's hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it indicates that your mortgage lender guarantees the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who elect to float think that interest rates will plunge 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 reduce your rate

Usually you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you determine if buying points is right for you.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of typical loan documentation.

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