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Applying for your home loan

When buying a home, applying for the mortgage loan is very exasperating for many people, but it doesn't have to be. I'm very familiar with many lending companies in Punta Gorda, and they've helped me realize a few things that will make the loan application process effortless.

1 – Create a list of questions regarding your loan program

If you do not completely understand the pros and cons of the different programs, make sure to bring a list of questions. Oftentimes, it can be hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

By locking in an interest rate, your lender is committing to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who prefer 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 – Determine if you want to pay additional points to lower your interest rate

If you opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if purchasing points is right for you.

4 – Compile your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.