Are you going to finance a new home in Landrum? Mickey Hambright can help.

When purchasing a home, applying for a mortgage loan is a distressing event for most people, but it doesn't have to be. I'm very connected to various lending companies in Landrum, and they've helped me understand a few things that make the process of applying for a loan pretty simple.

1 – Create a list of questions regarding your loan program

If you don't entirely realize the ins and outs of the various programs, make sure to bring a list of questions. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each one, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate denotes that a lender commits to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Those who decide to float presume the interest rates will dip 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 lower your rate

Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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