Oil Region Realty, LLC can assist you in financing a new home.

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 several lending companies in Oil City, and they've helped me realize a few things that make the process of applying for a loan a breeze.

1 – Make a list of questions regarding your loan program

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

2 – Determine when you want to lock

When you lock in an interest rate, the mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and closing. Buyers who prefer 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 interest rate

Typically you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of normal loan documentation.

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