McElroy & Associates can help you with financing a home in Tucumcari.

Applying for financing is one of the most distressing elements of purchasing a house, but it doesn't have to be. I'm very close with a lot of lending companies in the Tucumcari area, and they've helped me realize a few things that will make the loan application process a breeze.

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

If you don't perfectly understand the pros and cons of the different programs, make sure you bring a list of questions with you. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it can be a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in denotes that a mortgage lender holds to the interest rates for the loan – generally 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 issuance of closing documents. Those who prefer to float presume that 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

Oftentimes you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Bring your paperwork

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