Applying for a loan with help from Oil Region Realty, LLC

Applying for the mortgage loan is one of the most stressful aspects of buying a house for a buyer, but it doesn't have to be. Having connections to some lenders in the Oil City area has helped me realize some things that make the process of applying for a loan a snap.

1 – Make a list of questions about your loan program

If you don't entirely realize the pros and cons of all the various programs, be sure to have a list of questions with you. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it designates that your mortgage lender holds to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Those who choose to float think 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 decrease your rate

Typically you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of typical loan documentation.

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