Applying for a new home loan

Applying for financing can be one of the most troublesome elements of purchasing a home, but it doesn't have to be. Being connected with several lending companies in Greenville has helped me learn a few things that will make the process of applying for a loan pretty simple.

1 – Create a list of questions regarding your loan program

If you find that you don't fully realize the pros and cons of the different loan programs, be sure you have a list of questions with you. I or one of my lenders will help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in indicates that the mortgage lender guarantees the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who opt to float presume interest rates will plunge 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 rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. To determine if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

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

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