Are you going to finance a home in Burlington? David Massey Real Estate can help.

Applying for the loan can be one of the most distressing aspects of buying a house, but it doesn't have to be. I have a close business relationship with several mortgage lenders in the Burlington area, and they've helped me realize some things that make the process of applying for a loan much easier.

1 – Organize a list of questions regarding your loan program

If you don't entirely realize the pros and cons of the various loan programs, make sure you bring a list of questions. It's hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one.

2 – Determine when to lock

Locking in a rate indicates that the mortgage lender keeps to the interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who prefer to float believe 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 interest rate

Usually you can opt 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. If you're undecided on whether or not purchasing 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 all your documents together. Click here to get a list of typical loan documentation.