Do you wish to finance a home in DuBois? Hoffer Realty Associates can help.

When buying a home, applying for the mortgage loan is very exasperating for a lot of people, but it doesn't have to be. I'm connected with several mortgage lenders in DuBois, and they've helped me learn a few things that can make the loan application process a breeze.

1 – Put together a list of questions about your loan program

Make sure to bring a list of questions with you if you find that you do not thoroughly understand the ins and outs of the various loan programs. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in means that a lender holds to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who prefer to float believe that the interest rates will plunge 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 lower your interest rate

Usually you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're unsure if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.