Are you thinking of financing a home?

Applying for a loan can be one of the most distressing elements of purchasing a house for a buyer, but it doesn't have to be. Being close to various lenders in the DuBois area has helped me learn a few things that can make the process of applying for a loan very easy.

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

If you don't totally understand the ins and outs of the various loan programs, be sure to have a list of questions with you. At times, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in an interest rate, the mortgage lender is sure to keep to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who choose to float conclude interest rates will fall 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 interest rate

When you decide 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 loan. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Bring your paperwork

Obtaining 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 general loan documentation.