Applying for a loan in Punta Gorda with the help of RE/MAX Harbor Realty

Most people believe that applying for a mortgage loan is one of the more troublesome aspects of buying a house, but it doesn't have to be. I'm connected with various lenders in the Punta Gorda area, and they've helped me realize a few things that make the process of applying for a loan uncomplicated.

1 – Organize a list of questions about your loan program

Be sure to bring a list of questions with you if you do not completely realize the ins and outs of the different loan programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in an interest rate, your lender is committing to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who opt to float believe 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 decrease your interest rate

If you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is right for you.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of typical loan documentation.