Are you going to finance your new home? Qmetro Realtors Inc can help.

For most people, applying for a mortgage loan can be one of the more demanding parts of buying a house, but it doesn't have to be. Being connected to a lot of lending companies in the Albuquerque area has helped me understand a few things that will make the loan application process easy.

1 – Create a list of questions regarding your loan program

If you find that you don't perfectly comprehend the pros and cons of the different programs, make sure you have a list of questions. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in an interest rate, your mortgage lender is keeping to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and at the time of closing. Those who choose to float think that interest rates will drop 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

Typically you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

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

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