Do you want to finance your new home? Betsher & Associates Realtors, Inc. can help.

When purchasing a home, applying for the loan is a very demanding event for a lot of people, but it doesn't have to be. I have a close business relationship with some lending companies in the Baltimore area, and they've helped me learn a few things that will make the loan application process very manageable.

1 – Organize a list of questions about your loan program

If you find that you do not perfectly comprehend the ins and outs of all the different loan programs, make sure you bring a list of questions. It's hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

Locking in designates that the mortgage lender holds to 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 closing. Buyers who prefer to float presume that the interest rates will decline 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 lower your interest rate

Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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