Are you financing your home? Perrella Realty, LLC. can help.

When purchasing a home, applying for the mortgage loan is a distressing event for most people, but it doesn't have to be. I'm very close with various mortgage lenders in Plantsville, and they've helped me recognize some things that make the loan application process effortless.

1 – Compile a list of questions regarding your loan program

If you don't totally realize the advantages and disadvantages of all the different programs, make sure you bring a list of questions. Oftentimes, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in a rate, it indicates that your lender commits to the interest rates for the loan – most 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. Those who decide to float presume the interest rates will fall 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

If you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Gather your paperwork

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

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