Are you looking to finance your home? Petrovich Realty can help.

Applying for a mortgage loan is one of the most exasperating elements of purchasing a home for a buyer, but it doesn't have to be. I have a close business relationship with various lending companies in the Rock Hill area, and they've helped me learn some things that make the loan application process very manageable.

1 – Create a list of questions about your loan program

Be sure to have a list of questions with you if you don't totally understand the ins and outs of all the various loan programs. It's a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in an interest rate, your lender is guaranteed to commit to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and closing. Those who prefer 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 – Decide if you want to pay additional points to decrease your rate

When you elect to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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