Are you financing your home? McElroy & Associates can help.

A lot of buyers think that applying for a mortgage loan is one of the most distressing aspects of buying a house, but it doesn't have to be. I'm connected to a lot of mortgage lenders in the Tucumcari area, and they've helped me recognize a few things that make the process of applying for a loan very manageable.

1 – Put together a list of questions regarding your loan program

If you do not fully realize the pros and cons of the various loan programs, be sure you have a list of questions with you. Oftentimes, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in a rate, your lender is committing to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who prefer to float presume 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 reduce your interest rate

When you opt to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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