Looking to finance your new home? McElroy & Associates can help.

A lot of buyers think 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 close with some mortgage lenders in the Tucumcari area, and they've helped me learn some 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 perfectly realize the advantages and disadvantages of all the various programs. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both programs, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, your lender is guaranteed to keep to the mortgage interest rates for the loan – most often 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. Buyers who choose to float conclude that interest rates will decline 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 reduce your interest rate

If you opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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