Perrella Realty, LLC. can assist you in financing a new home.

Most people think that applying for the mortgage loan is one of the more stressful elements of purchasing a home, but it doesn't have to be. I'm very well-connected to a lot of mortgage lenders in the Plantsville area, and they've helped me understand a few things that make the loan application process uncomplicated.

1 – Compile a list of questions about your loan program

If you find that you do not fully realize the pros and cons of the different loan programs, make sure you bring a list of questions. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it is hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, it means that a mortgage lender commits to the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Those who choose to float think the 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

Oftentimes you can opt 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 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.