Let Perrella Realty, LLC. help you with financing a new home in Plantsville.

When purchasing a home, applying for financing is a exasperating event for most people, but it doesn't have to be. Being close to several lenders in Plantsville has helped me understand some things that can make the process of applying for a loan uncomplicated.

1 – Compose a list of questions about your loan program

Be sure you bring a list of questions if you don't thoroughly comprehend the pros and cons of all the various programs. It is often hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in a rate, your mortgage lender is sure to hold to the mortgage interest rates for the loan – often 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 issuance of closing documents. Those who decide to float presume that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to reduce your rate

Typically you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.

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