Thinking of financing a home in Ocala?

Most people think that applying for financing is one of the more troublesome parts of purchasing a house, but it doesn't have to be. Having connections with many mortgage lenders in Ocala has helped me recognize some things that will make the loan application process a snap.

1 – Compose a list of questions regarding your loan program

If you do not fully understand the ins and outs of the various loan programs, make sure to have a list of questions. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each program, because it's hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, a lender is guaranteed to hold to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Those who elect to float conclude that 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 rate

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

4 – Compile your paperwork

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

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