Louis Wolfson & Co. can assist you in applying for a new home loan in Needham.

Applying for a loan is one of the most stressful elements of purchasing a home for a buyer, but it doesn't have to be. I'm very close to some mortgage lenders in Needham, and they've helped me recognize some things that can make the loan application process effortless.

1 – Organize a list of questions about your loan program

Be sure you bring a list of questions with you if you don't perfectly realize the advantages and disadvantages of the different programs. It's hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the interest rate, the lender is guaranteed to commit to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who elect to float think the interest rates will dip 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 rate

Generally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.

4 – Bring your paperwork

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