Applying for a home loan with the help of Oil Region Realty, LLC

When buying a home, applying for a loan is a exasperating event for many people, but it doesn't have to be. I have a close business relationship with many lenders in the Oil City area, and they've helped me realize a few things that make the loan application process very manageable.

1 – Organize a list of questions regarding your loan program

Be sure you have a list of questions with you if you don't totally realize the pros and cons of the different loan programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it indicates that a mortgage lender keeps to the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who decide to float think that the interest rates will decline 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 lower your rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. To decide if you should purchase points, click here to use our points calculator.

4 – Gather your paperwork

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

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