Are you thinking of financing your new home? David Massey Real Estate can help.

For many people, applying for a loan can be one of the most demanding aspects of buying a home, but it doesn't have to be. I have a close relationship with several lending companies in Burlington, and they've helped me learn some things that will make the process of applying for a loan a breeze.

1 – Organize a list of questions about your loan program

Make sure to have a list of questions if you do not completely comprehend the advantages and disadvantages of the various programs. At times, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in the rate, your mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who prefer to float presume 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

Usually you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Gather your paperwork

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