Are you thinking of financing a new home in DuBois?

When buying a home, applying for financing is troublesome for most people, but it doesn't have to be. I have a close business relationship with a lot of lenders in DuBois, and they've helped me recognize some things that can make the process of applying for a loan much easier.

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

If you find that you do not totally comprehend the ins and outs of the different loan programs, make sure to have a list of questions with you. Oftentimes, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in an interest rate, the lender is guaranteed to hold to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who opt to float think 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 decrease your rate

Normally you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you in deciding if purchasing 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 to get a list of normal loan documentation.

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