Home Mortgage Tips for Real Estate in Charleston

Applying for a Home Mortgage

As a home buyer, applying for a home mortgage is the most crucial part to buying a home.As a Complete Agent I reconmend that before you start looking for that particular home, find out what your options are so you can streamline your whole home buying process. Applying for a home mortgage should never be a stressful situation! If you just follow a few of the easy steps I have listed below, you will begin to have a better understanding of how the whole process unfolds.

Make a list of any questions you have about the loan program.
Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.
Decide if you want to lock-in or float the loan's interest rate.
Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
Decide if you want to pay additional points to lower your interest rate.
Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
Gather your paperwork.
Click here to view a list of typical loan documentation.

Once your ready to start with the home mortgage process, please give me a call at my office (843-795-7810) or on my Cell (843-814-1078)

Just a few minutes on the phone and a small series of questions and I can have you well on your way to home ownership!