Are you thinking about financing your home in Needham? Louis Wolfson & Co. can help.

When purchasing a home, applying for financing is very demanding for many people, but it doesn't have to be. I'm very connected with some lending companies in Needham, and they've helped me understand a few things that make the loan application process very manageable.

1 – Create a list of questions regarding your loan program

If you don't completely comprehend the ins and outs of the different loan programs, make sure you bring a list of questions. At times, it can be a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in an interest rate, a lender is keeping to the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who choose to float believe that interest rates will fall 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 lower your interest rate

Usually you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you with deciding if purchasing points is the best option for you.

4 – Bring your paperwork

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