Thinking about financing your home? Perrella Realty, LLC. can help.

Applying for financing is one of the most distressing elements of buying a home, but it doesn't have to be. I have a close relationship with many mortgage lenders in the Plantsville area, and they've helped me understand a few things that can make the loan application process much easier.

1 – Assemble a list of questions regarding your loan program

If you don't fully comprehend the advantages and disadvantages of the different programs, be sure to have a list of questions with you. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in a rate denotes that the lender commits to the interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who decide to float presume 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 reduce your rate

Typically you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Compile your paperwork

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

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