Hoffer Realty Associates can help you finance your new home.

Applying for the loan is one of the most demanding aspects of purchasing a house, but it doesn't have to be. I'm very familiar with various lenders in the DuBois area, and they've helped me recognize a few things that make the process of applying for a loan easy.

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

If you find that you don't fully realize the pros and cons of the different programs, make sure to bring a list of questions with you. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program, because it's hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it means that the lender guarantees the interest rates for the loan – most 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 elect to float think interest rates will plunge 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 lower your rate

When you elect to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if buying points is right for you.

4 – Compile your paperwork

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


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