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Are you financing a new home?

When purchasing a home, applying for a loan is a exasperating event for a lot of people, but it doesn't have to be. I'm pretty connected to several mortgage lenders in the Punta Gorda area, and they've helped me realize some things that make the loan application process uncomplicated.

1 – Compile a list of questions about your loan program

Make sure to have a list of questions if you find that you don't fully understand the advantages and disadvantages of all the different loan programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, a mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who opt to float presume 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 decrease your rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.