Do you want to finance a new home? Southern Homes of the Carolinas can help.

Applying for the loan is one of the most demanding aspects of buying a house, but it doesn't have to be. I'm close with a lot of lenders in the Cornelius area, and they've helped me realize some things that make the loan application process uncomplicated.

1 – Create a list of questions about your loan program

Be sure you have a list of questions if you don't completely understand the advantages and disadvantages of all the different programs. It can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in an interest rate, your mortgage lender is holding to the mortgage interest rates for the loan – commonly at the time the loan application is received. 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. Those who decide to float believe that the interest rates will fall 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

When you decide to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.

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