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

Applying for mortgage financing is one of the most distressing aspects of buying a house, but it doesn't have to be. Having connections with many lending companies in DuBois has helped me understand a few things that can make the loan application process a snap.

1 – Create a list of questions regarding your loan program

If you don't totally understand the advantages and disadvantages of all the various loan programs, be sure to have a list of questions with you. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, a mortgage lender is sure to commit 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 the loan application day and the issuing of closing documents. Buyers who elect to float presume that the 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 reduce your rate

If 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 decide if purchasing points is the best option for you.

4 – Compile 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 typical loan documentation.