Looking to finance your home in Ocala?

Many people believe that applying for financing is one of the more troublesome elements of purchasing a home, but it doesn't have to be. I have a close business relationship with various mortgage lenders in the Ocala area, and they've helped me realize a few things that make the loan application process easy.

1 – Compile a list of questions about your loan program

If you find that you do not perfectly comprehend the ins and outs of the different programs, be sure to have a list of questions with you. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, a mortgage lender is keeping to the mortgage interest rates for the loan – typically 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 the issuing of closing documents. Those who decide to float presume that interest rates will fall 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

If you decide to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will assist you in deciding if purchasing points is the best option for you.

4 – Compile your paperwork

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

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