Applying for your loan with the help of Fred Thorne Realty LLC

Applying for mortgage financing is one of the most demanding elements of purchasing a home for a buyer, but it doesn't have to be. Having connections to several lenders in Sunset Beach has helped me recognize a few things that can make the process of applying for a loan much easier.

1 – Assemble a list of questions regarding your loan program

If you don't completely realize the pros and cons of the different loan programs, make sure to have a list of questions. At times, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

By locking in the rate, the lender is holding to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who decide to float believe interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to lower your rate

If you elect 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 loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a loan requires a lot 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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