Let Hoffer Realty Associates assist you in applying for a home loan.

A lot of people believe applying for mortgage financing is one of the more distressing elements of purchasing a house, but it doesn't have to be. I'm close with many lenders in DuBois, and they've helped me realize a few things that will make the process of applying for a loan much easier.

1 – Assemble a list of questions regarding your loan program

If you find that you don't completely understand the pros and cons of all the various loan programs, make sure to have a list of questions with you. It is hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

By locking in the rate, the lender is keeping 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 anytime between the day you apply for your loan and issuance of closing documents. Those who elect to float think that 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 reduce your interest rate

Usually you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of normal loan documentation.


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