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Do you want to finance your home?

Applying for the mortgage loan can be one of the most demanding elements of buying a house, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in Sanibel, and they've helped me understand some things that will make the process of applying for a loan pretty simple.

1 – Compile a list of questions regarding your loan program

Make sure to have a list of questions with you if you find that you do not totally comprehend the advantages and disadvantages of the different programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the interest rate, a lender is committing to the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who opt to float think interest rates will fall 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

Generally you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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