Are you financing a new home in Oil City?
When buying a home, applying for financing is very troublesome for a lot of people, but it doesn't have to be.
I'm pretty well-connected to some lenders in Oil City, and they've helped me recognize some things that make the loan application process pretty simple.
1 – Create a list of questions regarding your loan program
Be sure to have a list of questions if you do not totally comprehend the advantages and disadvantages of the various loan programs.
It is often a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each program.
2 – Decide when you want to lock
Locking in the interest rate denotes that your lender commits to the mortgage interest rates for the loan – usually 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 issuance of closing documents. Those who opt to float presume that the 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 rate
If you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage 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
Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of general loan documentation.