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Looking to finance a new home?

A lot of buyers believe applying for financing is one of the more exasperating aspects of buying a house, but it doesn't have to be. I have a close business relationship with various lenders in Needham, and they've helped me realize some things that can make the process of applying for a loan easy.

1 – Compose a list of questions regarding your loan program

If you find that you do not thoroughly comprehend the advantages and disadvantages of the various loan programs, make sure you have a list of questions. It is hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in the interest rate, it denotes that a lender holds to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who choose to float think that interest rates will decline 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

When you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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