Perrella Realty, LLC. can help you with financing your new home in Plantsville.

For most people, applying for a mortgage loan can be one of the most demanding aspects of buying a house, but it doesn't have to be. Being close to various mortgage lenders in Plantsville has helped me understand some things that can make the process of applying for a loan a snap.

1 – Compile a list of questions about your loan program

If you find that you don't thoroughly comprehend the ins and outs of all the different loan programs, be sure to have a list of questions. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, the lender is sure to keep to the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who opt to float believe interest rates will decline 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 decrease your interest rate

If you elect to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're unsure if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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