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Are you thinking of financing your home in Needham?

Applying for the loan can be one of the most stressful parts of purchasing a house, but it doesn't have to be. I'm very close to a lot of lending companies in the Needham area, and they've helped me realize some things that will make the process of applying for a loan uncomplicated.

1 – Organize a list of questions regarding your loan program

Be sure you bring a list of questions if you don't entirely realize the advantages and disadvantages of all the different loan programs. It can be a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one.

2 – Decide when to lock

Locking in a rate denotes that your mortgage lender guarantees the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Buyers who opt to float presume 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 reduce your interest rate

Oftentimes you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.

4 – Gather your paperwork

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

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