Are you going to finance a home? Louis Wolfson & Co. can help.

When purchasing a home, applying for financing is a exasperating event for many people, but it doesn't have to be. I have a close relationship with several lending companies in the Needham area, and they've helped me realize a few things that can make the process of applying for a loan effortless.

1 – Create a list of questions regarding your loan program

If you do not fully comprehend the pros and cons of the different loan programs, make sure to bring a list of questions with you. At times, it can be hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program.

2 – Determine when to lock

By locking in the rate, a lender is holding to the mortgage interest rates for the loan – often 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. Those who elect to float believe 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

If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with deciding if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of normal loan documentation.