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Applying for your home loan in Punta Gorda

When buying a home, applying for a mortgage loan is a demanding event for a lot of people, but it doesn't have to be. I'm pretty close to several mortgage lenders in the Punta Gorda area, and they've helped me realize some things that will make the process of applying for a loan much easier.

1 – Create a list of questions regarding your loan program

Be sure you have a list of questions if you find that you do not entirely comprehend the ins and outs of the various programs. It is a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

By locking in the rate, the lender is holding to the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who opt to float conclude 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 decrease your interest rate

Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Bring your paperwork

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