Are you thinking about financing your home?

Applying for a mortgage loan can be one of the most exasperating elements of purchasing a home for a buyer, but it doesn't have to be. Having connections to a lot of lending companies in the Landrum area has helped me understand some things that will make the process of applying for a loan very easy.

1 – Put together a list of questions regarding your loan program

Be sure you have a list of questions if you find that you do not entirely comprehend the advantages and disadvantages of the various programs. It is hard to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

Locking in indicates that your lender commits to the mortgage 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 of your loan application and issuance of closing documents. Those who elect to float believe the interest rates will drop 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 rate

Typically you can elect to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if you should purchase points, 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 all your documents together. Click here for a list of general loan documentation.