Louis Wolfson & Co. can assist you in applying for your home loan.

A lot of people believe applying for a loan is one of the more troublesome parts of buying a home, but it doesn't have to be. I'm very connected to some lenders in Needham, and they've helped me understand some things that will make the process of applying for a loan uncomplicated.

1 – Create a list of questions about your loan program

If you find that you don't completely realize the ins and outs of all the different programs, be sure you bring a list of questions with you. It can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in an interest rate, it means that a mortgage lender holds 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 anytime between application and the issuing of closing documents. Buyers who choose to float believe 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 decrease your rate

Normally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you in deciding if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of common loan documentation.