August 21st, 2017 1:29 PM by ERA Big Sun Realty
Applying for the loan is one of the most troublesome parts of buying a house, but it doesn't have to be. I'm very familiar with a lot of mortgage lenders in Ocala, and they've helped me recognize some things that will make the process of applying for a loan pretty simple.
1 – Organize a list of questions about your loan program
If you do not perfectly realize the pros and cons of the different loan programs, be sure you bring a list of questions. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in an interest rate, it means that the mortgage lender commits to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who opt to float think the interest rates will dip 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
Generally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To determine if purchasing points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of normal loan documentation.