Applying for your new home loan in DuBois with the help of Hoffer Realty Associates

When purchasing a home, applying for a mortgage loan is a troublesome event for a lot of people, but it doesn't have to be. I have a close relationship with several mortgage lenders in the DuBois area, and they've helped me learn a few things that can make the loan application process pretty simple.

1 – Organize a list of questions regarding your loan program

Be sure you bring a list of questions with you if you don't totally understand the ins and outs of all the different loan programs. At times, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in a rate, it designates that a lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who prefer to float presume that the interest rates will drop 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

Oftentimes you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if buying points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.