Let Louis Wolfson & Co. help you finance your new home.

Many buyers believe applying for financing is one of the most distressing aspects of purchasing a home, but it doesn't have to be. Having connections to many lending companies in the Needham area has helped me realize a few things that make the process of applying for a loan a breeze.

1 – Create a list of questions regarding your loan program

Be sure you bring a list of questions with you if you don't thoroughly comprehend the ins and outs of the various programs. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the rate denotes that your lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who choose to float think 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 – Decide if you want to pay additional points to reduce your rate

If you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.