Are you thinking of financing your home in Cornelius? Southern Homes of the Carolinas can help.

For a lot of people, applying for financing can be one of the most exasperating parts of purchasing a house, but it doesn't have to be. I have a close business relationship with some lenders in Cornelius, and they've helped me learn a few things that make the process of applying for a loan effortless.

1 – Organize a list of questions about your loan program

Make sure you have a list of questions if you find that you don't completely understand the ins and outs of the various programs. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the rate, the mortgage lender is keeping to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who decide to float believe 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 decrease your interest rate

If you elect 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 loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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