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Let VIP Realtors assist you in applying for a loan in Sanibel.

When buying a home, applying for financing is demanding for most people, but it doesn't have to be. I have a close relationship with several mortgage lenders in Sanibel, and they've helped me recognize some things that will make the process of applying for a loan much easier.

1 – Make a list of questions about your loan program

If you do not fully understand the ins and outs of the various programs, be sure to bring a list of questions. It can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

Locking in the interest rate designates that your mortgage lender commits to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who choose to float believe that interest rates will plunge 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 lower your interest rate

When you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at 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 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.

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