Are you thinking about financing a new home? Louis Wolfson & Co. can help.

When purchasing a home, applying for a mortgage loan is a very demanding event for a lot of people, but it doesn't have to be. I'm well-connected with a lot of lending companies in the Needham area, and they've helped me realize a few things that make the loan application process effortless.

1 – Create a list of questions about your loan program

If you find that you do not fully comprehend the pros and cons of the various loan programs, make sure you bring a list of questions. I or one of my lender contacts will help you understand the advantages and disadvantages of each one, because it can be a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in a rate designates that the mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who prefer to float think that interest rates will decline 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

Usually you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're undecided on whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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