Thinking of financing your new home in Landrum? Mickey Hambright can help.

Applying for the mortgage loan is one of the most exasperating parts of purchasing a house, but it doesn't have to be. I'm very familiar with a lot of mortgage lenders in the Landrum area, and they've helped me recognize some things that make the process of applying for a loan very manageable.

1 – Make a list of questions about your loan program

Be sure you have a list of questions if you do not fully comprehend the pros and cons of the various loan programs. It's a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the interest rate, it denotes that a mortgage lender holds to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who choose to float conclude 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 interest rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of common loan documentation.