Are you thinking about financing your home in DuBois? Hoffer Realty Associates can help.

Applying for a loan can be one of the most exasperating parts of buying a house for a buyer, but it doesn't have to be. I have a close business relationship with some mortgage lenders in DuBois, and they've helped me recognize some things that can make the process of applying for a loan pretty simple.

1 – Compile a list of questions regarding your loan program

If you do not perfectly comprehend the advantages and disadvantages of the different loan programs, make sure to bring a list of questions with you. I or one of my lenders will help you understand the advantages and disadvantages of both programs, because it is hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the rate indicates that a mortgage lender keeps to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who prefer to float believe that interest rates will fall 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 lower your rate

Usually you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.

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