
	Securing financing is just one aspect of a home purchase. Mike Terry with AgentOwned Realty Co. is seasoned at helping new and experienced in all areas of real estate. Call us today at 843-452-6038 if your needs include a real estate pro ready for the business side of real estate.

AgentOwned Realty Co. - Mike Terry can help you finance a new home.

When buying a home, applying for a loan is very exasperating for most people, but it doesn't have to be. Having connections to some lenders in the Mount Pleasant area has helped me understand some things that can make the process of applying for a loan easy.

1 – Compile a list of questions regarding your loan program

If you find that you don't fully realize the pros and cons of all the different financing options, be sure you have a list of questions with you. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program, because it can be hard to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, your lender is keeping to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who choose to float conclude that the 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 interest rate

Typically you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a feel for general questions you'll have to answer on a loan app.

Mike Terry, Realtor®, GRI, ABR, e-PRO, GCREP, Certified Mentor, Team Leader, Shareholder

GRI - Charleston SC Realtor