The Best Resource for
Punta Gorda Real Estate & Area Information

Home My Listings Office Listings Search Local MLS My Blog

Applying for a loan in Punta Gorda with help from RE/MAX Harbor Realty

When buying a home, applying for the mortgage loan is stressful for a lot of people, but it doesn't have to be. I'm very close with some lending companies in Punta Gorda, and they've helped me understand a few things that make the process of applying for a loan easy.

1 – Put together a list of questions regarding your loan program

If you find that you do not totally understand the ins and outs of the different loan programs, be sure you have a list of questions. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in a rate, your lender is keeping to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who opt to float believe the interest rates will dip 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 lower your interest rate

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.