Do you wish to finance your new home?

Applying for mortgage financing can be one of the most demanding parts of purchasing a home, but it doesn't have to be. Being close with several lending companies in Landrum has helped me learn a few things that will make the process of applying for a loan pretty simple.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions if you find that you don't totally comprehend the pros and cons of all the various programs. I or one of my lenders will assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, a lender is sure to hold 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 anytime between the day you apply for your loan and the issuing of closing documents. Buyers who prefer to float believe interest rates will decline 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 interest rate

When you decide to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is right for you.

4 – Compile your paperwork

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