McElroy & Associates can assist you in financing your home.

Applying for mortgage financing is one of the most exasperating elements of purchasing a home, but it doesn't have to be. I'm very familiar with various mortgage lenders in the Tucumcari area, and they've helped me learn some things that will make the loan application process very easy.

1 – Organize a list of questions about your loan program

If you don't totally realize the pros and cons of all the various loan programs, make sure to bring a list of questions. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it's hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate signifies that your lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who opt to float think that 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 lower your rate

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

4 – Gather your paperwork

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