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Do you want to finance your new home? RE/MAX Harbor Realty can help.

When buying a home, applying for the mortgage loan is very troublesome for most people, but it doesn't have to be. I'm pretty familiar with some mortgage lenders in Punta Gorda, and they've helped me recognize a few things that can make the process of applying for a loan much easier.

1 – Organize a list of questions regarding your loan program

If you do not completely comprehend the ins and outs of all the different programs, be sure you bring a list of questions. It is often a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in the rate, the mortgage lender is sure to keep to the interest rates for the loan – ordinarily 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 elect to float think the interest rates will drop 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 lower your interest rate

When you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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