Mickey Hambright can help you finance your home.

When buying a home, applying for a mortgage loan is very exasperating for most people, but it doesn't have to be. I'm very connected with several lenders in Landrum, and they've helped me understand some things that will make the process of applying for a loan pretty simple.

1 – Compose a list of questions about your loan program

Be sure you have a list of questions with you if you find that you do not perfectly comprehend the ins and outs of the various loan programs. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it designates that the lender commits to the 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 issuance of closing documents. Those who elect to float believe that 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 interest rate

Normally you can choose to pay additional points to lower the interest rate of your mortgage 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. This tool will help you decide if purchasing points is the best option for you.

4 – Gather your paperwork

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