Qmetro Realtors Inc can assist you in financing your home.

Applying for the mortgage loan can be one of the most stressful aspects of buying a house for a buyer, but it doesn't have to be. Being close with some lenders in the Albuquerque area has helped me understand some things that can make the process of applying for a loan a breeze.

1 – Put together a list of questions regarding your loan program

Be sure you have a list of questions with you if you don't totally realize the advantages and disadvantages of the various programs. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in an interest rate, it means that a mortgage lender holds to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who choose to float believe the interest rates will dip 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

Generally you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of normal loan documentation.

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