Louis Wolfson & Co. can assist you in financing your home.

A lot of buyers believe applying for the mortgage loan is one of the most stressful elements of buying a house, but it doesn't have to be. I'm close with several lenders in Needham, and they've helped me learn some things that make the process of applying for a loan a breeze.

1 – Assemble a list of questions regarding your loan program

If you do not fully understand the pros and cons of all the various loan programs, make sure to have a list of questions with you. It's a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in the rate, your lender is sure to commit to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who choose 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 decrease your interest rate

Typically 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 the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of normal loan documentation.