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

Applying for a mortgage loan can be one of the most distressing elements of buying a house for a buyer, but it doesn't have to be. Being connected with some mortgage lenders in DuBois has helped me realize a few things that will make the loan application process pretty simple.

1 – Compile a list of questions about your loan program

If you do not thoroughly understand the ins and outs of all the various loan programs, be sure you have a list of questions. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it's hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, the mortgage lender is sure to hold to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who elect to float conclude that the interest rates will dip 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 opt to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.

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