Applying for your home loan

Applying for a mortgage loan can be one of the most demanding aspects of buying a house, but it doesn't have to be. I'm pretty connected to some lenders in Myrtle Beach, and they've helped me understand a few things that will make the process of applying for a loan pretty simple.

1 – Compile a list of questions about your loan program

Be sure you bring a list of questions if you don't completely understand the ins and outs of all the different programs. I or one of my lenders can assist you with understanding the advantages and disadvantages of each one, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, your mortgage lender is guaranteeing 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 loan application day and at the time of closing. Those who opt to float presume that 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 interest rate

When you choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.

4 – Bring your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of normal loan documentation.

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