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Do you want to finance a new home in Punta Gorda?

Many people think that applying for a mortgage loan is one of the more distressing elements of buying a house, but it doesn't have to be. I'm connected with various lenders in the Punta Gorda area, and they've helped me learn some things that make the process of applying for a loan effortless.

1 – Compile a list of questions about your loan program

If you find that you do not fully understand the ins and outs of the various programs, make sure you have a list of questions. Oftentimes, it can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in a rate, it indicates that the mortgage lender commits to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who choose to float presume that 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 interest rate

Normally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in deciding if buying points is right for you.

4 – Bring your paperwork

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