Applying for a mortgage loan, loan rates, loan tips – CHRISTINA ASBURY, Realtor, Holly Ridge, NC

Loan Application Checklist
Christina Asbury, Realtor
Homes for Sale in Coastal NC
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For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.

Make a list of any questions you have about the loan program.
You need to 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. I will help you find the answers you are looking for.
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. Your mortgage broker will advise you which option is better for your specific situation.
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. This will increase the amount of money you must put up-front but will definitely save you money in the long run.
Gather your paperwork.
Click here to view a list of typical loan documentation.