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Do you wish to finance your new home in Sanibel?

When buying a home, applying for the mortgage loan is a very distressing event for most people, but it doesn't have to be. I have a close relationship with many mortgage lenders in the Sanibel area, and they've helped me understand some things that make the loan application process very easy.

1 – Compose a list of questions regarding your loan program

Make sure you bring a list of questions if you do not totally comprehend the advantages and disadvantages of the various loan programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be hard to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, your mortgage lender is holding to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who opt to float presume that the interest rates will drop 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 rate

Usually you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.

4 – Gather your paperwork

Getting a loan requires a lot 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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