Are you looking to finance a new home in Needham? Louis Wolfson & Co. can help.

A lot of buyers think that applying for a loan is one of the most exasperating aspects of buying a house, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in the Needham area, and they've helped me realize a few things that can make the process of applying for a loan a snap.

1 – Compile a list of questions regarding your loan program

If you do not perfectly realize the advantages and disadvantages of all the various loan programs, make sure to bring a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, the mortgage lender is keeping to the interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who prefer to float think 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 lower your rate

Usually you can decide to pay additional points to lower the interest rate of your 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. It will help you determine if buying points is right for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of general loan documentation.