Are you financing your new home? Qmetro Realtors Inc can help.

Applying for the loan can be one of the most stressful aspects of buying a home, but it doesn't have to be. Being connected with many lenders in the Albuquerque area has helped me understand a few things that make the process of applying for a loan much easier.

1 – Compile a list of questions about your loan program

Make sure to have a list of questions if you don't perfectly comprehend the pros and cons of all the various programs. Oftentimes, it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

Locking in a rate means that a lender guarantees the interest rates for the loan – typically 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 elect to float presume the interest rates will decline 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 rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

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

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