Are you going to finance a home in Rock Hill?

Applying for the loan can be one of the most exasperating parts of purchasing a home, but it doesn't have to be. I'm pretty close to several lenders in the Rock Hill area, and they've helped me learn some things that make the loan application process a snap.

1 – Assemble a list of questions about your loan program

If you do not perfectly comprehend the advantages and disadvantages of the different programs, be sure you bring a list of questions. Oftentimes, it can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each.

2 – Determine when to lock

Locking in the rate indicates that the mortgage lender commits to the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who prefer to float conclude interest rates will dip 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

Usually you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're uncertain as to whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of common loan documentation.

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