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

When buying a home, applying for the mortgage loan is very distressing for most people, but it doesn't have to be. I have a close relationship with several lending companies in the Tucumcari area, and they've helped me learn some things that will make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

If you find that you do not completely understand the pros and cons of all the different loan programs, be sure you have a list of questions. At times, it can be hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

By locking in the interest rate, a mortgage lender is guaranteeing the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers 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 reduce your rate

If you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Bring your paperwork

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