Applying for a loan with help from Hoffer Realty Associates

When purchasing a home, applying for a loan is a very exasperating event for most people, but it doesn't have to be. I have a close relationship with several lenders in the DuBois area, and they've helped me understand a few things that make the process of applying for a loan uncomplicated.

1 – Compile a list of questions about your loan program

If you find that you don't thoroughly comprehend the ins and outs of all the different loan programs, make sure to bring a list of questions. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program, because it's a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it means that the lender guarantees the mortgage interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who opt to float conclude the 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 decrease your rate

Generally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Gather your paperwork

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


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