Are you thinking about financing your home in Tucumcari? McElroy & Associates can help.

Most people think that applying for a mortgage loan is one of the more troublesome elements of buying a home, but it doesn't have to be. I have a close relationship with various mortgage lenders in the Tucumcari area, and they've helped me recognize a few things that can make the loan application process effortless.

1 – Compose a list of questions about your loan program

If you don't fully comprehend the pros and cons of the different programs, be sure to bring a list of questions. I or one of my lenders can help you understand the advantages and disadvantages of each program, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in a rate, a lender is holding to the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who prefer to float believe that the interest rates will fall 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 lower your interest rate

When you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. To decide if you should purchase points, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.