Do you want to finance your new home? Berkshire Hathaway Home Services PenFed Realty can help.

Most buyers think that applying for a mortgage loan is one of the more demanding aspects of buying a home, but it doesn't have to be. I have a close business relationship with many lending companies in Annapolis, and they've helped me recognize a few things that will make the process of applying for a loan effortless.

1 – Assemble a list of questions regarding your loan program

If you don't completely understand the pros and cons of the various programs, be sure you have a list of questions with you. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one, because it's hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in a rate, the mortgage lender is holding to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who opt to float conclude 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 rate

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

4 – Bring your paperwork

Acquiring 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.