Fred Thorne Realty LLC can assist you in applying for a new home loan.

Most buyers think applying for the mortgage loan is one of the most stressful aspects of buying a house, but it doesn't have to be. Being close to several mortgage lenders in Sunset Beach has helped me understand a few things that make the process of applying for a loan pretty simple.

1 – Assemble a list of questions regarding your loan program

If you find that you do not completely comprehend the advantages and disadvantages of the different programs, be sure you bring a list of questions with you. It is hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in an interest rate, it signifies that a lender guarantees the interest rates for the loan – often 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. Those who opt to float believe that the 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 decrease your interest rate

When you choose to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. To determine if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of common loan documentation.

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