Let Ben Guyton help you with financing your home.

For many people, applying for mortgage financing is one of the more troublesome parts of buying a home, but it doesn't have to be. I have a close relationship with many lenders in Myrtle Beach, and they've helped me learn some things that will make the process of applying for a loan easy.

1 – Compile a list of questions about your loan program

Be sure you have a list of questions if you find that you do not fully realize the advantages and disadvantages of the various programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the interest rate, a lender is holding to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who opt to float conclude 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 decrease your rate

Oftentimes you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.

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