Are you financing your new home in Plantsville?

Applying for a mortgage loan is one of the most distressing elements of buying a house for a buyer, but it doesn't have to be. Being connected to many mortgage lenders in the Plantsville area has helped me recognize some things that will make the process of applying for a loan effortless.

1 – Assemble a list of questions about your loan program

Make sure you bring a list of questions with you if you don't totally comprehend the pros and cons of the different loan programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it is a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it denotes that your mortgage lender commits to the mortgage interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who choose to float believe 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 interest rate

If you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.