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Are you thinking about financing a new home in Punta Gorda? RE/MAX Harbor Realty can help.

For most people, applying for mortgage financing is one of the most distressing elements of buying a home, but it doesn't have to be. I'm pretty connected with various lenders in the Punta Gorda area, and they've helped me recognize a few things that will make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

Be sure to have a list of questions if you don't entirely comprehend the ins and outs of the various programs. Oftentimes, it can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program.

2 – Determine when to lock

By locking in the interest rate, a lender is committing 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 at any time between the loan application day and the issuing of closing documents. Those who elect to float conclude that interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to lower your interest rate

Generally you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if you should buy points, 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 documentation together. Click here to get a list of common loan documentation.