Applying for a loan

For many people, applying for a loan can be one of the more stressful parts of purchasing a home, but it doesn't have to be. I'm pretty connected with many mortgage lenders in Punta Gorda, and they've helped me learn some things that make the loan application process much easier.

1 – Organize a list of questions about your loan program

Make sure to bring a list of questions if you find that you don't completely comprehend the advantages and disadvantages of the different programs. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program, because it's hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in an interest rate means that the mortgage lender commits 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 your loan and at the time of closing. Buyers who prefer to float think the interest rates will plunge 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 interest rate

If you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Bring your paperwork

Obtaining 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 general loan documentation.


Marianne L. Lilly - RE/MAX Harbor Realty

2815 Tamiami Trail
Punta Gorda, FL 33950