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

When purchasing a home, applying for a loan is very stressful for most people, but it doesn't have to be. I have a close relationship with several lenders in the Cornelius area, and they've helped me recognize some things that make the process of applying for a loan a breeze.

1 – Make a list of questions regarding your loan program

If you find that you do not fully understand the advantages and disadvantages of all the various loan programs, be sure to bring a list of questions with you. It can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

By locking in an interest rate, a lender is guaranteeing the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who choose to float conclude that interest rates will decline 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

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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