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Thinking of financing a new home in Sanibel?

Applying for mortgage financing is one of the most demanding elements of purchasing a house, but it doesn't have to be. I'm close with various mortgage lenders in the Sanibel area, and they've helped me understand a few things that will make the loan application process very manageable.

1 – Make a list of questions regarding your loan program

Be sure to bring a list of questions with you if you do not completely comprehend the pros and cons of all the various loan programs. It's hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs.

2 – Decide 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 – often 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 at the time of closing. Buyers who decide to float believe the interest rates will fall 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

Normally you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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