Applying for a new home loan in Rock Hill with help from Petrovich Realty

Most people believe applying for the mortgage loan is one of the more distressing parts of purchasing a house, but it doesn't have to be. Being connected to various lenders in the Rock Hill area has helped me understand a few things that can make the process of applying for a loan very manageable.

1 – Assemble a list of questions about your loan program

Make sure you bring a list of questions with you if you find that you do not totally comprehend the ins and outs of the different programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it is a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in a rate, a mortgage lender is committing to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who elect to float conclude that the interest rates will drop 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

Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.

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