McElroy & Associates can assist you in applying for your loan in Tucumcari.

Most buyers think that applying for the loan is one of the more distressing elements of buying a home, but it doesn't have to be. I have a close relationship with some mortgage lenders in Tucumcari, and they've helped me recognize a few things that will make the process of applying for a loan very easy.

1 – Assemble a list of questions regarding your loan program

If you don't perfectly realize the pros and cons of the different programs, make sure you have a list of questions. Oftentimes, it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

By locking in a rate, your mortgage lender is guaranteeing the mortgage 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 opt to float conclude that the interest rates will dip 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

Typically you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.