Are you going to finance your new home? Southern Homes of the Carolinas can help.

When buying a home, applying for a loan is very exasperating for a lot of people, but it doesn't have to be. I'm very well-connected to various lenders in the Cornelius area, and they've helped me realize a few things that will make the process of applying for a loan much easier.

1 – Assemble a list of questions regarding your loan program

Make sure you have a list of questions with you if you find that you do not fully comprehend the ins and outs of the various loan programs. It is hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the interest rate, it indicates that the mortgage lender commits to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who opt to float believe that interest rates will fall 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 lower your interest rate

Normally you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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

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