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Applying for a new home loan in Punta Gorda with help from RE/MAX Harbor Realty

Applying for the loan can be one of the most troublesome elements of purchasing a house for a buyer, but it doesn't have to be. Being connected to several lending companies in the Punta Gorda area has helped me recognize some things that will make the loan application process a breeze.

1 – Create a list of questions about your loan program

If you do not perfectly realize the ins and outs of the different programs, be sure to have a list of questions with you. It is hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in the rate, it denotes that your lender keeps to the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who decide to float think that interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide 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 loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.

4 – Gather your paperwork

Acquiring 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 normal loan documentation.