Are you financing a new home in Cape Coral? Pearsall Properties Inc. can help.

A lot of buyers believe applying for a loan is one of the more demanding parts of purchasing a home, but it doesn't have to be. I'm pretty connected with a lot of lenders in the Cape Coral area, and they've helped me understand a few things that will make the loan application process very easy.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions if you find that you don't entirely understand the pros and cons of the various programs. It is a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in the interest rate, your lender is guaranteed to keep to the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who decide to float believe 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

Typically you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Compile your paperwork

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

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