Are you looking to finance a new home? Fred Thorne Realty LLC can help.

Applying for mortgage financing is one of the most exasperating parts of purchasing a house, but it doesn't have to be. I have a close business relationship with many mortgage lenders in the Sunset Beach area, and they've helped me learn some things that make the process of applying for a loan very manageable.

1 – Create a list of questions regarding your loan program

Make sure to have a list of questions if you do not thoroughly comprehend the advantages and disadvantages of the various programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the rate, your mortgage lender is committing to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Buyers who prefer to float believe that 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 reduce your interest rate

When you opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Bring your paperwork

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

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