Are you looking to finance a new home?

When buying a home, applying for the mortgage loan is very exasperating for a lot of people, but it doesn't have to be. I'm very connected with some mortgage lenders in Tucumcari, and they've helped me learn a few things that will make the process of applying for a loan uncomplicated.

1 – Make a list of questions regarding your loan program

Make sure to have a list of questions if you don't thoroughly comprehend the ins and outs of all the different programs. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program, because it is a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the interest rate designates that the mortgage lender guarantees the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who decide to float believe 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 decrease your rate

If you elect to pay additional points to lower the interest 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. If you're not sure if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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