Fred Thorne Realty LLC can assist you with applying for your loan.
For most people, applying for financing can be one of the most stressful parts of buying a home, but it doesn't have to be.
I have a close relationship with various lending companies in Sunset Beach, and they've helped me recognize a few things that can make the loan application process effortless.
1 – Create a list of questions about your loan program
Be sure you bring a list of questions if you do not entirely comprehend the pros and cons of all the different programs.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in the rate, the lender is committing to the mortgage interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who elect to float conclude that interest rates will decline 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
If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan.
To decide if buying 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 all your documents together. Click here to get a list of typical loan documentation.