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Thinking about financing your new home in Sanibel?

Most buyers believe applying for the loan is one of the most stressful elements of purchasing a home, but it doesn't have to be. I'm pretty close with a lot of lending companies in the Sanibel area, and they've helped me learn a few things that make the process of applying for a loan a breeze.

1 – Compose a list of questions about your loan program

Be sure you bring a list of questions if you do not fully understand the pros and cons of the different loan programs. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it is hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in designates that the lender holds to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those 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 – Determine if you want to pay additional points to reduce your rate

If you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. If you're uncertain if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of general loan documentation.

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