Are you looking to finance your new home? Louis Wolfson & Co. can help.

When buying a home, applying for a loan is exasperating for many people, but it doesn't have to be. Being connected with some lending companies in Needham has helped me learn some things that will make the process of applying for a loan easy.

1 – Create a list of questions about your loan program

If you don't perfectly comprehend the advantages and disadvantages of all the various loan programs, be sure you have a list of questions with you. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, a mortgage lender is sure to commit to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who decide to float believe that the 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 lower your rate

When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

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 to get a list of general loan documentation.