Are you thinking of financing a home in Oil City?

Applying for the mortgage loan is one of the most troublesome elements of buying a house, but it doesn't have to be. I have a close business relationship with various mortgage lenders in Oil City, and they've helped me understand some things that will make the loan application process pretty simple.

1 – Create a list of questions regarding your loan program

If you find that you do not perfectly realize the ins and outs of all the various loan programs, make sure to have a list of questions with you. It can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

By locking in the interest rate, your mortgage lender is committing to the mortgage interest rates for the loan – usually at the time the loan application is presented. 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 prefer to float believe that interest rates will dip 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

When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Gather your paperwork

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

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