Are you thinking of financing your home in DuBois? Hoffer Realty Associates can help.

Applying for the loan can be one of the most exasperating elements of purchasing a house, but it doesn't have to be. I have a close business relationship with a lot of lending companies in the DuBois area, and they've helped me learn some things that can make the loan application process a snap.

1 – Compile a list of questions regarding your loan program

If you find that you don't completely understand the advantages and disadvantages of all the different programs, make sure to bring a list of questions. I or one of my lenders can assist you with understanding the advantages and disadvantages of each one, because it is hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, a mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who elect to float believe interest rates will dip 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 reduce your interest rate

When you choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. To determine if buying points is right 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 your documents together. Click here for a list of normal loan documentation.