Applying for a home loan in DuBois with the help of Hoffer Realty Associates

Applying for the mortgage loan can be one of the most demanding elements of buying a house, but it doesn't have to be. I have a close business relationship with many mortgage lenders in DuBois, and they've helped me learn a few things that will make the process of applying for a loan very easy.

1 – Assemble a list of questions about your loan program

Make sure to bring a list of questions if you find that you don't completely understand the advantages and disadvantages of the different loan programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in an interest rate denotes that a lender holds to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Those who prefer to float presume 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 interest rate

Typically you can decide 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 closing. To determine if purchasing points is the best option 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 all your documentation together. Click here to get a list of typical loan documentation.