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Thinking of financing your home?

For many people, applying for a loan is one of the most stressful aspects of purchasing a house, but it doesn't have to be. I have a close relationship with many lenders in Sanibel, and they've helped me learn some things that can make the loan application process uncomplicated.

1 – Compile a list of questions regarding your loan program

Be sure you have a list of questions with you if you find that you don't totally understand the pros and cons of all the various loan programs. It can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program.

2 – Determine when you want to lock

By locking in an interest rate, your lender is keeping to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who elect 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 decrease your interest rate

Oftentimes you can elect 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 closing. To decide if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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