Applying for your loan in Plantsville

When purchasing a home, applying for a mortgage loan is a very stressful event for most people, but it doesn't have to be. Having connections with some lenders in Plantsville has helped me realize some things that make the loan application process a breeze.

1 – Organize a list of questions about your loan program

If you don't perfectly comprehend the ins and outs of the various loan programs, be sure to bring a list of questions with you. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, a mortgage lender is sure to commit to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and closing. Those who decide to float think interest rates will drop 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

Generally you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of common loan documentation.

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