Applying for your new home loan in Sunset Beach with the help of Fred Thorne Realty LLC

A lot of buyers think applying for financing is one of the most troublesome elements of buying a house, but it doesn't have to be. I'm close with some mortgage lenders in Sunset Beach, and they've helped me recognize a few things that will make the process of applying for a loan very manageable.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions if you find that you don't completely understand the advantages and disadvantages of all the various loan programs. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it's hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, it indicates that a lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who opt to float believe that the 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 interest rate

Usually you can decide to pay additional points to lower the interest rate of your 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 assist you with deciding if buying points is the best option for you.

4 – Bring your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of common loan documentation.

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