Applying for your home loan

Applying for a loan is one of the most troublesome elements of buying a house, but it doesn't have to be. Being connected with various mortgage lenders in the Myrtle Beach area has helped me learn some things that can make the loan application process a breeze.

1 – Compose a list of questions regarding your loan program

Make sure you bring a list of questions if you find that you do not totally understand the pros and cons of all the various programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate designates that the lender commits to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who prefer to float conclude that 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 lower your rate

Usually you can decide to pay additional points to lower the interest rate of your 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 buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots 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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