The loan process can be a daunting task and Waymaker Group in Myrtle Beach, SC has provided mortgage information below and other tools to help you get started including a mortgage calculator, a pre-qualify calculator, free home valuation and important links.
Mortgage Information to Help You Qualify for a Home Loan in SC
There are several good reasons why you should qualify for a loan before you start shopping for a home in Myrtle Beach.
- You will know how much you can borrow from a financial institution and you won’t waste your time looking at properties that don’t make sense for you.
- You will have an idea of how much you need so you can make an offer and the seller will want to know that you’re qualified to get a loan so you can close the deal.
- Knowing what you qualify for will save time when you file your loan application, because the paperwork has already been completed and assembled.
Acquiring a Mortgage Loan in Myrtle Beach, SC
There are numerous options when looking for a home loan. Look at the different loan programs and the interest rates offered by lenders. You can save money by choosing a specific type of mortgage and contacting several lenders for their rates.
- It is not all about interest rates. Getting a low rate is important, but if you must pay various up-front points and fees it can be more expensive.
- Understand how points and rates work. A point is prepaid interest, and each point you pay could equal to one percent of your loan amount. Paying more points may yield a lower interest rate over the loan term.
- If you’re going to move to another house in a few years, you may want to consider an adjustable-rate mortgage since you may be able to sell the house before the rate increases. If you plan to stay longer than a few years, a fixed-rate mortgage or set interest may be a better option because your interest rate remains the same for the entire loan term of the loan.
Getting a Loan from a Lender
When you submit your loan application, your lender evaluates the information on your application, the results of your credit report, the information about the property you want to buy, and your down payment to estimate your ability to repay the loan.
To improve the loan approval process:
- Complete the loan application in its entirety. The lender needs all this information to determine your ability to repay the loan.
- Respond promptly. Don’t delay in responding to the lender’s requests for additional documentation.
- Don’t spend money before the sale is scheduled to close as the lender may check your credit report to verify credit card and bank balances to make sure that you still qualify for the loan.
- Order a copy of your credit report before you apply for the loan. This will give you a chance to clear any credit problems before you submit the loan application.
- Organize your recent tax returns and financial documents. The lender will need your financial information to determine how much you can borrow.
Bryan Davenport, Area Manager, Gateway Mortgage
1109 48th Ave N, Ste 112
Myrtle Beach SC 29577
843-213-3380 – Office
843-446-0531 – Mobile
877-958-4545 – eFax
Bryan.Davenport@gatewayloan.com