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Let RE/MAX Harbor Realty help you with financing a home in Punta Gorda.

Applying for mortgage financing can be one of the most distressing parts of buying a house for a buyer, but it doesn't have to be. I'm pretty close with many mortgage lenders in the Punta Gorda area, and they've helped me understand some things that will make the process of applying for a loan uncomplicated.

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

Be sure you bring a list of questions if you do not entirely comprehend the advantages and disadvantages of the different loan programs. Oftentimes, it can be a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in an interest rate, the lender is sure to commit to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who choose to float presume interest rates will fall 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

Usually you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.