Do you wish to finance a home?

When buying a home, applying for the loan is a very distressing event for a lot of people, but it doesn't have to be. Being close to many mortgage lenders in Albuquerque has helped me recognize a few things that can make the loan application process a breeze.

1 – Create a list of questions about your loan program

Be sure to bring a list of questions with you if you don't fully understand the advantages and disadvantages of all the various programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it's hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, your lender is keeping to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Buyers who decide to float conclude 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 elect to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.

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