Let Oil Region Realty, LLC assist you in applying for a home loan.

When buying a home, applying for financing is a very troublesome event for many people, but it doesn't have to be. I have a close business relationship with many lending companies in the Oil City area, and they've helped me recognize some things that can make the loan application process effortless.

1 – Compile a list of questions about your loan program

If you don't perfectly understand the ins and outs of all the various programs, make sure you have a list of questions with you. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it indicates that the mortgage lender commits to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who choose to float presume that the interest rates will fall 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

Oftentimes you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Bring 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 general loan documentation.

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