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

For most people, applying for the loan is one of the most stressful elements of buying a home, but it doesn't have to be. Being familiar with some mortgage lenders in the Tucumcari area has helped me understand a few things that can make the loan application process much easier.

1 – Compose a list of questions regarding your loan program

If you find that you don't totally comprehend the pros and cons of the various programs, be sure you have a list of questions. Oftentimes, it can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

By locking in the interest rate, your lender is holding to the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who prefer 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 – Decide if you want to pay additional points to decrease your interest rate

Normally you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is right for you.

4 – Compile your paperwork

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