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

Applying for the loan can be one of the most troublesome elements of purchasing a house, but it doesn't have to be. Being close with some lenders in Oil City has helped me recognize some things that will make the loan application process very easy.

1 – Organize a list of questions about your loan program

Make sure to bring a list of questions with you if you don't fully comprehend the pros and cons of all the various programs. It can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

Locking in denotes that the mortgage lender keeps to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who choose to float believe 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

If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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