Do you wish to finance a home? Marianne L. Lilly - RE/MAX Harbor Realty can help.

Applying for financing is one of the most stressful elements of buying a house, but it doesn't have to be. Being connected with many lending companies in Punta Gorda has helped me learn some things that make the loan application process easy.

1 – Create a list of questions regarding your loan program

Be sure to have a list of questions if you do not perfectly understand the ins and outs of the different loan programs. At times, it can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in the rate, it indicates that your mortgage lender keeps to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who opt to float believe the interest rates will plunge 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

Oftentimes you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. To determine if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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