Mickey Hambright can assist you in applying for a home loan in Landrum.

Many people think that applying for financing is one of the more exasperating elements of purchasing a house, but it doesn't have to be. Being close with several mortgage lenders in the Landrum area has helped me understand a few things that can make the process of applying for a loan much easier.

1 – Assemble a list of questions regarding your loan program

If you don't totally comprehend the advantages and disadvantages of all the various loan programs, make sure you have a list of questions. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it is hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in means that the lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who decide to float conclude the interest rates will drop 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

Usually you can choose 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. It will assist you with determining if purchasing points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.