Are you thinking about financing your new home?

When buying a home, applying for the loan is a very demanding event for most people, but it doesn't have to be. I'm pretty well-connected with some lenders in Tucumcari, and they've helped me recognize a few things that make the loan application process very manageable.

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

Be sure you bring a list of questions with you if you find that you don't perfectly comprehend the ins and outs of the different loan programs. It is often a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

Locking in means that your lender commits to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who elect to float believe that interest rates will fall 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

When you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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

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