
	Getting your loan locked down is just one part of a real estate transaction. Shore Advantage Realty is experienced at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of real estate.

Looking to finance a new home?

For most people, securing a mortgage loan can be one of the more demanding elements of purchasing a home. But it doesn't have to be. Being close to many lenders in the Southern Shores area has helped me learn some things that can make the loan application process easy.

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

If you do not entirely realize the pros and cons of all the different financing options, make sure to have a list of questions. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, a lender is sure to hold to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who opt to float presume that interest rates will drop 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 opt to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. To determine if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a feel for common information that goes on a loan application.