Your Loan Application Checklist in Charleston – Debbie Donovan, Mt. Pleasant, SC

Your Loan Application Checklist in Charleston

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.
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. Charleston 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.

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Today's Rates:

Mtg Loan

Rate

APR

30-yr Fixed	3.87%	4%
15-yr Fixed	3.14%	3.31%
1-yr Adj	2.76%	3.42%

* national averages

Mortgage Calculator:

Sales Price:		$
Down:		%
Interest Rate:		%
Term:		yrs

Monthly payment:		$

Charleston Real Estate Resource – Debbie Donovan Realtor:

Debbie Donovan Charleston Realtor Take the frustration out of selling in today's challenging market by choosing an agent with a straightforward approach who gets results. Debbie Donovan of Coastalina Realty of Charleston has a no-nonsense, can-do attitude. She specializes in properly pricing homes so you get the result you want, a SOLD sign in your yard and the ability to move forward with your plans. Add this to an aggressive internet strategy and you've got a winning combination. Contact Debbie today at 843-327-6099 to discuss how she can help you get your home SOLD.

Debbie Donovan
Coastalina Realty of Charleston
613 Long Point Road
Mt. Pleasant, SC 29464

843-849-7778 office
843-327-6099 cell