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Do you want to finance your home in Punta Gorda?

When buying a home, applying for a loan is very exasperating for many people, but it doesn't have to be. I'm pretty close to a lot of lenders in Punta Gorda, and they've helped me recognize some things that make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

If you find that you don't perfectly comprehend the advantages and disadvantages of the various programs, make sure you have a list of questions. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in an interest rate, the mortgage lender is committing to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and closing. Buyers who decide to float conclude 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

Usually you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the 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 buying points is right for you.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.