Let Fred Thorne Realty LLC help you with financing a new home in Sunset Beach.

For a lot of people, applying for mortgage financing can be one of the most exasperating elements of buying a house, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in Sunset Beach, and they've helped me realize a few things that make the loan application process pretty simple.

1 – Compile a list of questions about your loan program

If you do not entirely understand the ins and outs of all the various loan programs, be sure you bring a list of questions with you. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it's hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the rate indicates that the mortgage lender guarantees the 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 of your loan application and issuance of closing documents. Buyers who decide to float conclude that 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 reduce your rate

When you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

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 to get a list of normal loan documentation.

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