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Applying for a loan in Sanibel with the help of VIP Realtors

Applying for a loan is one of the most demanding parts of buying a home for a buyer, but it doesn't have to be. I have a close relationship with many mortgage lenders in Sanibel, and they've helped me learn a few things that can make the loan application process very easy.

1 – Compose a list of questions regarding your loan program

Be sure to have a list of questions if you find that you do not entirely comprehend the advantages and disadvantages of the different programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in an interest rate, a mortgage lender is committing to the mortgage interest rates for the loan – 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 your loan and at the time of closing. Buyers who opt to float conclude that the interest rates will dip 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 lower your rate

When you opt to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if purchasing points is right for you.

4 – Bring your paperwork

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

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