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Are you thinking about financing a new home in Punta Gorda? RE/MAX Harbor Realty can help.

Applying for mortgage financing is one of the most exasperating elements of buying a house for a buyer, but it doesn't have to be. I'm pretty well-connected with a lot of lenders in Punta Gorda, and they've helped me understand a few things that can make the loan application process effortless.

1 – Assemble a list of questions regarding your loan program

If you don't entirely understand the ins and outs of all the various loan programs, make sure you have a list of questions. At times, it can be a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one.

2 – Decide when to lock

Locking in a rate signifies that a lender holds to the interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Those who elect to float think that 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 rate

Usually 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. It will assist you in deciding if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.