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

When buying a home, applying for the loan is a very demanding event for most people, but it doesn't have to be. I'm well-connected to some lending companies in DuBois, and they've helped me realize a few things that make the process of applying for a loan uncomplicated.

1 – Compose a list of questions about your loan program

If you do not entirely realize the pros and cons of all the different programs, make sure to have a list of questions with you. It can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in an interest rate, it means that a lender keeps to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who opt to float think the interest rates will dip 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

Typically you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring 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 common loan documentation.

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