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Applying for a new home loan in Punta Gorda

Applying for a mortgage loan can be one of the most exasperating parts of buying a home, but it doesn't have to be. I'm pretty close to a lot of mortgage lenders in the Punta Gorda area, and they've helped me recognize a few things that will make the loan application process very easy.

1 – Assemble a list of questions regarding your loan program

If you don't totally realize the ins and outs of all the various programs, be sure to have a list of questions. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each program, because it is hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it designates that a lender keeps to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Buyers who opt to float think the interest rates will dip 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 reduce your interest rate

Oftentimes you can opt to pay additional points to lower the rate of your mortgage loan. Every 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 our points calculator.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.