Thinking of financing your home in DuBois? Hoffer Realty Associates can help.

Applying for financing is one of the most distressing aspects of buying a house, but it doesn't have to be. I'm close to a lot of mortgage lenders in DuBois, and they've helped me understand some things that can make the loan application process uncomplicated.

1 – Assemble a list of questions about your loan program

If you find that you do not totally understand the pros and cons of the different loan programs, make sure to have a list of questions. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, it means that your mortgage lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who decide to float presume interest rates will drop 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 decrease your rate

Usually you can opt 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. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of normal loan documentation.