Louis Wolfson & Co. can assist you with applying for a home loan in Needham.

Applying for a mortgage loan is one of the most stressful aspects of buying a house, but it doesn't have to be. I'm pretty well-connected with various lenders in the Needham area, and they've helped me learn a few things that will make the process of applying for a loan pretty simple.

1 – Make a list of questions about your loan program

If you find that you don't perfectly understand the ins and outs of the different programs, make sure to have a list of questions with you. It is hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in the interest rate, it denotes that a lender guarantees the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who opt to float conclude that interest rates will plunge 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 reduce your rate

When you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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