Southern Homes of the Carolinas can help you with financing a home in Cornelius.

Applying for financing is one of the most distressing parts of buying a house, but it doesn't have to be. I'm pretty close with various mortgage lenders in the Cornelius area, and they've helped me realize some things that make the process of applying for a loan easy.

1 – Assemble a list of questions about your loan program

If you find that you don't totally understand the ins and outs of all the various loan programs, make sure you have a list of questions with you. It is a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

By locking in the interest rate, a lender is holding to the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and closing. Buyers who choose to float think that interest rates will plunge 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 lower your rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if buying points is right for you.

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of normal loan documentation.

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