Ben Guyton can assist you with applying for a loan.

When buying a home, applying for a loan is a very stressful event for many people, but it doesn't have to be. I have a close relationship with some lending companies in Myrtle Beach, and they've helped me understand some things that can make the loan application process pretty simple.

1 – Create a list of questions regarding your loan program

If you do not entirely comprehend the advantages and disadvantages of all the different loan programs, be sure to have a list of questions with you. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the rate, a lender is keeping to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who opt to float think 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 reduce your interest rate

If you elect to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. To decide if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

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

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