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Applying for your new home loan in Punta Gorda with the help of RE/MAX Harbor Realty

Applying for mortgage financing is one of the most troublesome parts of buying a house for a buyer, but it doesn't have to be. I'm close to various 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 effortless.

1 – Compose a list of questions regarding your loan program

If you find that you don't fully understand the ins and outs of all the different programs, make sure you bring a list of questions with you. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, your lender is sure to hold to the interest rates for the loan – normally 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 issuance of closing documents. Those who prefer to float conclude that the interest rates will dip 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

Normally you can decide to pay additional points to lower the rate of your mortgage 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. It will assist you in deciding 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 documentation together. Click here for a list of typical loan documentation.