Applying for your loan in Plantsville

Many buyers think that applying for a mortgage loan is one of the most distressing elements of purchasing a home, but it doesn't have to be. Being connected to various lenders in Plantsville has helped me learn a few things that will make the process of applying for a loan very manageable.

1 – Make a list of questions regarding your loan program

If you do not perfectly comprehend the advantages and disadvantages of the different programs, make sure you bring a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, a mortgage lender is holding to the interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who elect to float believe that the interest rates will plunge 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

When you choose to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of general loan documentation.