Let RE/MAX Harbor Realty help you with financing your new home.

When purchasing a home, applying for the mortgage loan is demanding for a lot of people, but it doesn't have to be. I have a close relationship with various lenders in Punta Gorda, and they've helped me realize some things that will make the process of applying for a loan very easy.

1 – Create a list of questions about your loan program

Be sure you have a list of questions with you if you do not totally realize the advantages and disadvantages of all the different loan programs. Oftentimes, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in the rate, a lender is sure to commit 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 loan application day and the issuing of closing documents. Buyers who prefer to float presume that interest rates will fall 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

Generally you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of common loan documentation.