Let Hoffer Realty Associates assist you in applying for a new home loan.

When buying a home, applying for a loan is a very troublesome event for many people, but it doesn't have to be. I have a close relationship with many lending companies in DuBois, and they've helped me understand some things that make the loan application process a snap.

1 – Create a list of questions regarding your loan program

If you do not thoroughly comprehend the advantages and disadvantages of all the various loan programs, be sure to bring a list of questions. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in a rate means that a lender keeps to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who elect to float conclude 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 decrease your rate

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

4 – Bring your paperwork

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