Applying for your loan

When purchasing a home, applying for the mortgage loan is very demanding for a lot of people, but it doesn't have to be. Having connections to a lot of lending companies in Oil City has helped me recognize some things that will make the loan application process very manageable.

1 – Compile a list of questions regarding your loan program

Be sure you have a list of questions if you find that you do not completely comprehend the pros and cons of the different loan programs. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in a rate, your mortgage lender is committing to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and closing. Those who decide to float think that interest rates will fall 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 lower your rate

If you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

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

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