Are you thinking about financing your new home? Louis Wolfson & Co. can help.

For a lot of people, applying for financing can be one of the most troublesome elements of buying a home, but it doesn't have to be. I have a close relationship with many lenders in the Needham area, and they've helped me understand a few things that can make the loan application process uncomplicated.

1 – Make a list of questions about your loan program

If you do not fully understand the advantages and disadvantages of all the different loan programs, be sure to bring a list of questions. It's hard to understand the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the interest rate, it designates that your lender commits to the mortgage interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who opt to float believe the interest rates will fall 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 reduce your interest rate

Usually you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Gather your paperwork

Obtaining 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 general loan documentation.