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Let VIP Realtors assist you in financing a new home in Sanibel.

When buying a home, applying for the mortgage loan is a troublesome event for a lot of people, but it doesn't have to be. I have a close relationship with various mortgage lenders in the Sanibel area, and they've helped me recognize some things that can make the loan application process uncomplicated.

1 – Create a list of questions about your loan program

Make sure you bring a list of questions if you don't entirely realize the pros and cons of all the different programs. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in a rate, a mortgage lender is committing to the interest rates for the loan – most 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 the loan and at the time of closing. Those who prefer to float think 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 decrease your rate

Oftentimes you can choose 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 the time of closing. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of typical loan documentation.

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