Are you thinking of financing a home in DuBois?

Most buyers think that applying for the mortgage loan is one of the more demanding elements of purchasing a house, but it doesn't have to be. I'm pretty close with various mortgage lenders in the DuBois area, and they've helped me recognize some things that make the process of applying for a loan a snap.

1 – Compile a list of questions regarding your loan program

If you do not thoroughly comprehend the ins and outs of all the different loan programs, be sure you bring a list of questions with you. It can be hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in a rate, the lender is guaranteed 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 anytime between the day you apply for the loan and at the time of closing. Buyers who choose to float think that interest rates will decline 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 rate

Typically you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide 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 all your documents together. Click here for a list of common loan documentation.

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