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Applying for a home loan

For most people, applying for the mortgage loan is one of the more distressing elements of purchasing a home, but it doesn't have to be. I'm pretty connected with a lot of lenders in the Sanibel area, and they've helped me recognize some things that can make the process of applying for a loan a breeze.

1 – Make a list of questions about your loan program

Make sure you bring a list of questions if you don't perfectly understand the ins and outs 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's a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, a mortgage lender is guaranteeing the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who decide 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 rate

Usually you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

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

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