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Are you looking to finance a new home? RE/MAX Harbor Realty can help.

Most people think that applying for mortgage financing is one of the more stressful aspects of buying a house, but it doesn't have to be. Being close to several lending companies in Punta Gorda has helped me learn a few things that make the process of applying for a loan very easy.

1 – Make a list of questions about your loan program

Make sure to have a list of questions if you find that you don't thoroughly comprehend the pros and cons of the various loan programs. It can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

Locking in the interest rate denotes that a mortgage lender commits to the mortgage 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 application and closing. Those who decide to float believe 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 reduce your rate

Usually you can choose 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 closing. Click here to use our points calculator. This tool will assist you in determining if purchasing points is right 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 general loan documentation.