Are you financing your home in Ocala? ERA Big Sun Realty can help.

Most buyers believe applying for the loan is one of the most stressful aspects of purchasing a home, but it doesn't have to be. I have a close relationship with some mortgage lenders in Ocala, and they've helped me understand some things that will make the loan application process much easier.

1 – Make a list of questions regarding your loan program

Make sure you have a list of questions with you if you find that you do not entirely comprehend the advantages and disadvantages of the different programs. At times, it can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in the interest rate, it means that your lender commits to the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who decide to float think 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 choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Bring your paperwork

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

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