Applying for a loan

Most people think that applying for the mortgage loan is one of the more distressing elements of purchasing a house, but it doesn't have to be. I'm pretty close with a lot of mortgage lenders in the Ocala area, and they've helped me realize a few things that will make the loan application process uncomplicated.

1 – Assemble a list of questions regarding your loan program

Be sure you bring a list of questions with you if you don't perfectly realize the ins and outs of all the various programs. It can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Decide when you want to lock

When you lock in an interest rate, it means that a mortgage lender commits to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Buyers who choose to float believe 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 choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're not sure if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.

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