Are you going to finance your new home in Myrtle Beach?

When purchasing a home, applying for financing is a exasperating event for a lot of people, but it doesn't have to be. Having connections with some lenders in the Myrtle Beach area has helped me learn a few things that can make the loan application process a snap.

1 – Assemble a list of questions about your loan program

Be sure you have a list of questions with you if you find that you don't completely realize the pros and cons of all the different programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, your lender is guaranteeing the interest rates for the loan – often 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 issuance of closing documents. Those who prefer to float presume the 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 reduce your rate

Oftentimes you can decide 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. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Compile your paperwork

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

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