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

When buying a home, applying for the loan is troublesome for most people, but it doesn't have to be. Being connected to a lot of lending companies in Needham has helped me recognize a few things that make the loan application process effortless.

1 – Organize a list of questions regarding your loan program

If you don't fully understand the advantages and disadvantages of the different loan programs, be sure you bring a list of questions with you. It is often a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in a rate, the mortgage lender is guaranteed to hold to 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 at any time between the day of your loan application and at the time of closing. Buyers who prefer to float believe interest rates will drop 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

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

4 – Gather your paperwork

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