Thinking of financing a new home? Fred Thorne Realty LLC can help.

Applying for a mortgage loan can be one of the most distressing parts of buying a house, but it doesn't have to be. I have a close relationship with many lenders in Sunset Beach, and they've helped me recognize some things that can make the loan application process much easier.

1 – Assemble a list of questions regarding your loan program

Be sure to have a list of questions with you if you find that you do not totally understand the advantages and disadvantages of the various loan programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, it indicates that the mortgage lender commits to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who choose to float think that the interest rates will fall 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 decrease 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. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

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

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