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Are you financing your home in Punta Gorda?

When purchasing a home, applying for a mortgage loan is exasperating for most people, but it doesn't have to be. I have a close business relationship with some mortgage lenders in the Punta Gorda area, and they've helped me understand some things that will make the loan application process very manageable.

1 – Create a list of questions regarding your loan program

If you find that you do not fully comprehend the ins and outs of all the different loan programs, make sure to have a list of questions with you. It is a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

Locking in the interest rate denotes that the lender holds to the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who opt to float think that interest rates will drop 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 decrease your interest rate

Usually you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you determine if buying points is right for you.

4 – Compile your paperwork

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