Do you want to finance your new home? Perrella Realty, LLC. can help.

Applying for financing is one of the most troublesome elements of purchasing a house, but it doesn't have to be. Having connections with several lenders in Plantsville has helped me understand some things that make the loan application process much easier.

1 – Compile a list of questions about your loan program

Be sure to bring a list of questions if you find that you do not completely comprehend the pros and cons of the different programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one, because it's a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate indicates that your lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who choose to float conclude interest rates will drop 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

If you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. If you're undecided on whether or not purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.

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