Marianne L. Lilly - RE/MAX Harbor Realty can assist you in financing a home in Punta Gorda.

When purchasing a home, applying for a mortgage loan is very troublesome for many people, but it doesn't have to be. I'm well-connected with some lenders in the Punta Gorda area, and they've helped me understand a few things that will make the loan application process uncomplicated.

1 – Assemble a list of questions about your loan program

Make sure to bring a list of questions if you do not fully realize the ins and outs of all the various loan programs. I or one of my lenders can help you understand the advantages and disadvantages of each program, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, it means that the lender commits 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 at any time between the loan application day and issuance of closing documents. Buyers who decide to float conclude the interest rates will decline 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 decrease your interest rate

When you choose to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Bring your paperwork

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