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

For most people, applying for a mortgage loan is one of the most troublesome aspects of purchasing a house, but it doesn't have to be. I'm very close with various lenders in Ocala, and they've helped me understand some things that can make the process of applying for a loan very manageable.

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

If you find that you do not entirely realize the ins and outs of all the different loan programs, be sure you have a list of questions with you. It is a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both.

2 – Decide when to lock

By locking in the rate, your mortgage lender is holding to the mortgage 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 application and issuance of closing documents. Those who elect to float presume interest rates will fall 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 reduce your interest rate

If you choose to pay additional points to lower the interest rate of your 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. It will help you determine if buying points is the best option for you.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.

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