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Let RE/MAX Harbor Realty help you finance a new home in Punta Gorda.

Applying for mortgage financing is one of the most troublesome aspects of buying a home, but it doesn't have to be. Having connections to many lenders in the Punta Gorda area has helped me realize some things that make the loan application process a breeze.

1 – Compile a list of questions about your loan program

Make sure you bring a list of questions if you don't completely comprehend the pros and cons of the various programs. It is a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the interest rate, the mortgage lender is sure to commit to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who choose to float presume 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 decrease your interest rate

If you elect 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. Each point is 1 percent of the loan. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.