Are you thinking about financing your home? Marianne L. Lilly - RE/MAX Harbor Realty can help.

When purchasing a home, applying for a mortgage loan is very troublesome for most people, but it doesn't have to be. I have a close business relationship with many mortgage lenders in Punta Gorda, and they've helped me recognize a few things that make the loan application process much easier.

1 – Compile a list of questions regarding your loan program

If you don't entirely realize the advantages and disadvantages of all the different loan programs, make sure to bring a list of questions. It is often hard to know the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in an interest rate, a mortgage lender is guaranteed to commit to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who opt to float presume that interest rates will decline 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 rate

Generally you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

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