Southern Homes of the Carolinas can assist you in financing your home in Cornelius.

Applying for the loan is one of the most exasperating aspects of buying a home, but it doesn't have to be. I have a close business relationship with some lenders in the Cornelius area, and they've helped me learn some things that will make the loan application process a snap.

1 – Compile a list of questions about your loan program

If you don't completely understand the advantages and disadvantages of the various programs, be sure you bring a list of questions. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, the mortgage lender is sure to hold to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who choose to float think that the interest rates will dip 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 rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots 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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