Are you thinking of financing a new home in Oil City? Oil Region Realty, LLC can help.

Applying for a mortgage loan can be one of the most troublesome parts of purchasing a home for a buyer, but it doesn't have to be. Having connections to several lending companies in the Oil City area has helped me understand a few things that can make the process of applying for a loan a breeze.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions if you do not entirely understand the ins and outs of the various programs. It is hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

Locking in an interest rate denotes that your lender commits to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who elect to float presume 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 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. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.

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