
	Securing financing is just one part of a home purchase. Randy and Ronnie Winks - Exit Realty The Tracey Group is seasoned at aiding new and experienced in all areas of real estate. Call us today at 888-867-2476 if your needs include a professional REALTOR^® experienced at the business side of buying and selling.

Applying for your new home loan in Folly Beach with the help of Randy and Ronnie Winks - Exit Realty The Tracey Group

When purchasing a home, applying for a mortgage loan is stressful for a lot of people, but it doesn't have to be. I've got great connections to various mortgage lenders in Folly Beach, and they've helped me understand some things that can make the process of applying for a loan much easier.

1 – Put together a list of questions regarding your loan program

If you find that you do not fully realize the pros and cons of the different financing options, make sure you have a list of questions. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each program, because it is a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate indicates that your mortgage lender holds to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who opt to float think that interest rates will fall 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 reduce your rate

When you decide to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to see typical information that goes on a loan application.