Applying for a loan in Plantsville with the help of Perrella Realty, LLC.

When purchasing a home, applying for the mortgage loan is very demanding for most people, but it doesn't have to be. I have a close business relationship with several mortgage lenders in the Plantsville area, and they've helped me recognize some things that can make the loan application process a snap.

1 – Compose a list of questions regarding your loan program

If you find that you don't perfectly understand the ins and outs of the various programs, be sure to bring a list of questions with you. It can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in an interest rate, it indicates that the mortgage lender holds to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who elect to float think the interest rates will plunge 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

When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if buying 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 spend some time getting your documents together. Click here to get a list of general loan documentation.

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