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Securing financing is just one aspect of a real estate transaction. RE/MAX Harbor Realty is experienced at helping new and experienced in all areas of real estate. Contact me if your needs include a professional REALTOR® ready for the business side of real estate.

Are you financing your new home?

When purchasing a home, the mortgage loan application is troublesome for most people, but it doesn't have to be. I have close relationships with several lenders in the Punta Gorda area, and they've helped me learn a few things that can make the loan application process much easier.

1 – Compile a list of questions regarding your loan program

Make sure to have a list of questions with you if you don't totally grasp the pros and cons of the various loan programs. Oftentimes, it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages. One of my lenders or I will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

Locking in the rate indicates that your mortgage lender guarantees the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who choose to float believe that the interest rates will decline 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 rate

Oftentimes you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should buy points, click here to use my points calculator.

4 – Bring your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to preview general information that goes on a loan application.