Are you going to finance your home in DuBois?

When buying a home, applying for a loan is demanding for many people, but it doesn't have to be. Being familiar with a lot of lenders in DuBois has helped me learn a few things that can make the process of applying for a loan uncomplicated.

1 – Compile a list of questions regarding your loan program

Make sure to bring a list of questions with you if you do not entirely realize the advantages and disadvantages of all the different loan programs. It is a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in the rate, the lender is holding to the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who opt to float think the 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 lower your rate

Normally you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of common loan documentation.