Applying for a home loan with the help of Pearsall Properties Inc.

Applying for mortgage financing can be one of the most stressful aspects of buying a home for a buyer, but it doesn't have to be. I'm pretty close with many lending companies in Cape Coral, and they've helped me learn some things that make the process of applying for a loan effortless.

1 – Assemble a list of questions regarding your loan program

Be sure you bring a list of questions with you if you do not perfectly comprehend the advantages and disadvantages of all the various loan programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it designates that your mortgage lender keeps to the mortgage interest rates for the loan – usually 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 closing. Buyers who choose to float think that interest rates will dip 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

Generally you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.

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