Are you thinking about financing your home?

Many people believe that applying for a loan is one of the more exasperating parts of purchasing a house, but it doesn't have to be. I'm close to many lenders in the Ocala area, and they've helped me realize some things that can make the loan application process easy.

1 – Put together a list of questions about your loan program

If you don't totally realize the pros and cons of the various programs, be sure to have a list of questions. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, your mortgage lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who elect to float presume that interest rates will plunge 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 interest rate

If you choose to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of common loan documentation.

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