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Applying for a home loan

For a lot of people, applying for a loan is one of the more distressing aspects of purchasing a house, but it doesn't have to be. I have a close business relationship with several mortgage lenders in Punta Gorda, and they've helped me recognize a few things that make the process of applying for a loan a snap.

1 – Put together a list of questions about your loan program

If you do not entirely understand the ins and outs of the different programs, be sure to bring a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it can be hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate designates that the lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who opt to float think that interest rates will plunge 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

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

4 – Bring your paperwork

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