Applying for your new home loan in Oil City

When purchasing a home, applying for a mortgage loan is very troublesome for many people, but it doesn't have to be. I have a close relationship with a lot of mortgage lenders in Oil City, and they've helped me recognize a few things that will make the loan application process effortless.

1 – Create a list of questions about your loan program

If you find that you do not completely understand the ins and outs of the various loan programs, be sure to bring a list of questions with you. Oftentimes, it can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of each.

2 – Determine when you want to lock

Locking in the rate means that the mortgage lender commits to the interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who prefer to float believe interest rates will drop 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 interest rate

If you opt 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. Each point is 1 percent of the mortgage loan. If you're undecided on whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.