Do you want to finance a new home in Tucumcari?

Most buyers believe that applying for a mortgage loan is one of the most exasperating parts of buying a house, but it doesn't have to be. I'm very connected with several mortgage lenders in the Tucumcari area, and they've helped me understand some things that can make the loan application process pretty simple.

1 – Organize a list of questions about your loan program

If you find that you don't thoroughly understand the ins and outs of the various loan programs, be sure you have a list of questions with you. It can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in the rate, the lender is keeping to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who opt to float presume that 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

When you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of normal loan documentation.