ERA Big Sun Realty can assist you in financing your new home in Ocala.

For a lot of people, applying for mortgage financing can be one of the most exasperating parts of purchasing a home, but it doesn't have to be. Being connected with a lot of lending companies in Ocala has helped me learn a few things that can make the loan application process uncomplicated.

1 – Organize a list of questions regarding your loan program

If you don't completely understand the ins and outs of all the various loan programs, make sure to have a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it's a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in means that the lender guarantees the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who decide to float conclude the interest rates will drop 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 decrease your interest rate

Oftentimes you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you in determining if buying points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires lots 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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