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Are you thinking of financing your new home? RE/MAX Harbor Realty can help.

When buying a home, applying for a mortgage loan is exasperating for a lot of people, but it doesn't have to be. I have a close relationship with a lot of lenders in Punta Gorda, and they've helped me recognize a few things that can make the loan application process a breeze.

1 – Compile a list of questions regarding your loan program

If you find that you don't fully comprehend the ins and outs of the different loan programs, make sure to bring a list of questions. I or one of my lenders can help you understand the advantages and disadvantages of each program, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, the lender is sure to hold to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Those who opt to float presume that the interest rates will drop 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 decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.