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Applying for your home loan with help from RE/MAX Harbor Realty

Applying for the loan is one of the most stressful parts of purchasing a house for a buyer, but it doesn't have to be. Having connections to some lending companies in Punta Gorda has helped me learn a few things that make the loan application process much easier.

1 – Compose a list of questions about your loan program

If you find that you don't completely understand the pros and cons of the different programs, be sure to have a list of questions with you. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, a lender is guaranteed to keep to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who elect to float conclude that interest rates will dip 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 lower your interest rate

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

4 – Bring your paperwork

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