McElroy & Associates can assist you in financing a new home.

Applying for a loan can be one of the most demanding elements of purchasing a house for a buyer, but it doesn't have to be. I have a close relationship with several lenders in the Tucumcari area, and they've helped me learn a few things that can make the loan application process a breeze.

1 – Compose a list of questions about your loan program

Be sure you have a list of questions with you if you do not entirely understand the pros and cons of the various programs. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it's a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, a mortgage lender is sure to commit to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who decide to float conclude that interest rates will plunge 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 lower your interest rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.

4 – Bring your paperwork

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