Perrella Realty, LLC. can help you apply for your new home loan in Plantsville.

When buying a home, applying for a mortgage loan is exasperating for many people, but it doesn't have to be. I have a close relationship with various lenders in Plantsville, and they've helped me learn a few things that make the loan application process easy.

1 – Create a list of questions regarding your loan program

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

2 – Determine when to lock

By locking in the interest rate, a lender is guaranteeing the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who decide to float presume that the interest rates will decline 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 lower your rate

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

4 – Gather your paperwork

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