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Do you want to finance a new home? Louis Wolfson & Co. can help.

When buying a home, applying for the mortgage loan is a very exasperating event for many people, but it doesn't have to be. I'm pretty connected with many lending companies in Needham, and they've helped me understand a few things that can make the loan application process easy.

1 – Compose a list of questions regarding your loan program

If you find that you don't completely understand the advantages and disadvantages of the various loan programs, make sure to have a list of questions with you. Oftentimes, it can be a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in the rate, a lender is guaranteed to commit to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who decide to float conclude the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to decrease 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 loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if buying points is right for you.

4 – Compile your paperwork

Getting 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.

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