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

Most buyers believe that applying for the loan is one of the most stressful elements of purchasing a house, but it doesn't have to be. Being familiar with several lenders in the DuBois area has helped me understand a few things that will make the loan application process a breeze.

1 – Put together a list of questions regarding your loan program

If you find that you don't entirely comprehend the ins and outs of the various loan programs, be sure you bring a list of questions. Oftentimes, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

Locking in a rate denotes that the lender keeps to the interest rates for the loan – normally 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 your loan and issuance of closing documents. Buyers who decide to float think that the 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 lower your interest rate

Generally you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a list of general loan documentation.


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