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Do you want to finance your new home in Punta Gorda?

When purchasing a home, applying for the mortgage loan is a stressful event for a lot of people, but it doesn't have to be. Having connections with many lenders in the Punta Gorda area has helped me recognize a few things that will make the process of applying for a loan uncomplicated.

1 – Organize a list of questions regarding your loan program

Make sure to bring a list of questions with you if you find that you do not completely comprehend the advantages and disadvantages of all the various programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it signifies that a mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who prefer to float conclude that the interest rates will decline 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 interest rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're unsure as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of normal loan documentation.