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

A lot of people believe that applying for a loan is one of the more stressful elements of buying a house, but it doesn't have to be. Being close to several mortgage lenders in Needham has helped me learn some things that can make the process of applying for a loan easy.

1 – Put together a list of questions about your loan program

If you find that you don't thoroughly realize the advantages and disadvantages of the various loan programs, make sure to bring a list of questions with you. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program, because it is hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, the lender is sure to commit to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who decide to float believe that the interest rates will dip 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

Normally you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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