Let Ben Guyton help you with financing your home in Myrtle Beach.

Applying for the mortgage loan is one of the most distressing elements of purchasing a home, but it doesn't have to be. I'm very close to some mortgage lenders in Myrtle Beach, and they've helped me understand a few things that can make the loan application process effortless.

1 – Put together a list of questions about your loan program

Make sure to have a list of questions if you find that you don't completely understand the advantages and disadvantages of all the various programs. It can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

Locking in the rate denotes that your mortgage lender holds to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who prefer to float presume 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

Typically you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage 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 purchasing points is right for you.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.

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