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Applying for your home loan in Punta Gorda

Applying for the loan can be one of the most stressful parts of buying a house for a buyer, but it doesn't have to be. I'm very connected to several lending companies in the Punta Gorda area, and they've helped me learn some things that can make the loan application process pretty simple.

1 – Compile a list of questions regarding your loan program

If you don't perfectly realize the advantages and disadvantages of all the different loan programs, make sure you have a list of questions with you. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in denotes that the mortgage lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who elect to float think 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 reduce your rate

Normally you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Compile your paperwork

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