
	Securing financing is just one aspect of getting into a new home. Southport Realty is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 910-457-7676 if your needs include a real estate pro experienced at the business side of real estate.

Thinking of financing your home?

Stressed out about getting financing for a home purchase? You don't have to be. I have close business relationships with a lot of mortgage lenders in the Southport area, and they've helped me learn some things that can make the loan application process easy.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions with you if you find that you don't totally understand the pros and cons of the various loan programs. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate indicates that your lender guarantees the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Those who elect to float believe that interest rates will decline 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 lower your rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if buying points is the best option 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 documents together. Click here to see typical questions you'll have to answer on a loan app.