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Thinking of financing your new home in Punta Gorda?

When buying a home, applying for a mortgage loan is very troublesome for many people, but it doesn't have to be. Being connected to several mortgage lenders in the Punta Gorda area has helped me realize some things that make the loan application process pretty simple.

1 – Make a list of questions about your loan program

If you don't entirely realize the pros and cons of the different programs, be sure you bring a list of questions with you. At times, it can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the rate, it denotes that the lender commits to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Buyers who prefer to float conclude interest rates will plunge 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 reduce your interest rate

If you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you in deciding if buying points is the best option for you.

4 – Compile your paperwork

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



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