Do you wish to finance a home? Oil Region Realty, LLC can help.

Applying for a mortgage loan is one of the most stressful parts of purchasing a house for a buyer, but it doesn't have to be. I'm very connected to various lending companies in Oil City, and they've helped me learn a few things that make the loan application process easy.

1 – Compile a list of questions about your loan program

Make sure you have a list of questions with you if you find that you do not fully comprehend the advantages and disadvantages of all the various loan programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it is hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the rate, the mortgage lender is guaranteeing the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who decide to float think that the interest rates will drop 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 opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with determining if buying points is right for you.

4 – Bring your paperwork

Obtaining 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 typical loan documentation.

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