Thinking of financing a home in Rock Hill?

When buying a home, applying for financing is troublesome for many people, but it doesn't have to be. I have a close relationship with various mortgage lenders in Rock Hill, and they've helped me realize some things that will make the loan application process very manageable.

1 – Compile a list of questions about your loan program

Be sure to have a list of questions if you don't fully comprehend the pros and cons of the various loan programs. At times, it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in the interest rate, the lender is guaranteed to hold to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who opt to float conclude the 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 decrease your interest rate

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

4 – Bring 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 for a list of normal loan documentation.

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