Let Perrella Realty, LLC. assist you with applying for a home loan.

For a lot of people, applying for the mortgage loan can be one of the more distressing parts of purchasing a home, but it doesn't have to be. I have a close business relationship with several mortgage lenders in Plantsville, and they've helped me recognize a few things that will make the process of applying for a loan much easier.

1 – Put together a list of questions about your loan program

Be sure to have a list of questions if you find that you don't fully comprehend the advantages and disadvantages of all the different programs. Oftentimes, it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in an interest rate, a lender is guaranteed to keep to the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who decide to float believe 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 interest rate

If you decide to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Gather your paperwork

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