Securing financing is just one aspect of getting into a new home. Southern Homes of the Carolinas is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a professional REALTOR® ready for the business side of buying and selling.

Applying for your new home loan in Lake Norman

Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. I have close professional relationships with several mortgage lenders in the Lake Norman area, and they've helped me understand some things that can make the process of applying for a loan very easy.

1 – Create a list of questions about your loan program

Make sure to have a list of questions if you find that you do not completely comprehend the pros and cons of the different loan programs. At times, it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages. One of my trusted lenders or I will be able to help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

Locking in the rate means that your lender guarantees the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who elect to float presume interest rates will dip 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 lower your rate

Typically you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use my points calculator. It will assist you in deciding if purchasing points is the best option for you.

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 feel for common information that goes on a loan application.

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