Applying for a home loan in Needham with help from Louis Wolfson & Co.

Applying for mortgage financing is one of the most exasperating parts of buying a home for a buyer, but it doesn't have to be. I have a close business relationship with several lending companies in Needham, and they've helped me understand a few things that can make the process of applying for a loan very manageable.

1 – Create a list of questions about your loan program

If you don't entirely understand the advantages and disadvantages of the various loan programs, make sure you bring a list of questions with you. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, a mortgage lender is committing to the interest rates for the loan – commonly 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 the issuing of closing documents. Those who decide to float presume 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 interest rate

If you opt to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in determining if buying points is the best option for you.

4 – Gather your paperwork

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