Perrella Realty, LLC. can assist you in applying for your home loan in Plantsville.

Most people believe applying for a loan is one of the most stressful parts of buying a house, but it doesn't have to be. Having connections to a lot of lenders in the Plantsville area has helped me realize some things that will make the process of applying for a loan pretty simple.

1 – Assemble a list of questions regarding your loan program

Be sure you have a list of questions with you if you don't thoroughly realize the advantages and disadvantages of the different loan programs. Oftentimes, it can be a challenge to know the differences 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 each.

2 – Determine when you want to lock

When you lock in the rate, the mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who choose to float presume the interest rates will fall 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 decrease your rate

Normally you can elect to pay additional points to lower the interest rate of your 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. This tool will help you decide if buying points is right for you.

4 – Bring your paperwork

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