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Do you wish to finance your new home?

For a lot of people, applying for the loan can be one of the most troublesome aspects of purchasing a house, but it doesn't have to be. I have a close relationship with many lenders in the Needham area, and they've helped me recognize a few things that will make the process of applying for a loan much easier.

1 – Compile a list of questions regarding your loan program

If you don't fully comprehend the advantages and disadvantages of the different loan programs, make sure to have a list of questions. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it indicates that the lender commits to the interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who opt to float believe that interest rates will decline 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 lower your interest rate

Normally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're not sure if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.

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