Are you financing your new home? McElroy & Associates can help.

When purchasing a home, applying for the mortgage loan is a distressing event for a lot of people, but it doesn't have to be. I'm very connected with various lending companies in the Tucumcari area, and they've helped me learn a few things that will make the loan application process pretty simple.

1 – Put together a list of questions regarding your loan program

If you find that you do not completely realize the ins and outs of the different loan programs, be sure to bring a list of questions with you. It is often hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Determine when to lock

Locking in an interest rate indicates that a mortgage lender holds to the interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who opt to float think 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

Normally you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.

4 – Compile your paperwork

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

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