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

When buying a home, applying for the loan is stressful for a lot of people, but it doesn't have to be. I have a close business relationship with various mortgage lenders in the Tucumcari area, and they've helped me realize a few things that make the process of applying for a loan a breeze.

1 – Make a list of questions about your loan program

Be sure to have a list of questions if you find that you don't completely understand the advantages and disadvantages of the various loan programs. At times, it can be a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs.

2 – Decide when to lock

By locking in the rate, the mortgage lender is committing to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and closing. Buyers who decide to float presume the interest rates will decline 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 decrease your rate

If you opt to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if purchasing points is right for you.

4 – Bring your paperwork

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