Perrella Realty, LLC. can help you finance a new home.

Applying for the mortgage loan is one of the most exasperating elements of purchasing a home for a buyer, but it doesn't have to be. Being connected to many mortgage lenders in the Plantsville area has helped me realize a few things that can make the loan application process much easier.

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

Be sure you bring a list of questions if you do not fully comprehend the pros and cons of the various programs. Oftentimes, it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one.

2 – Decide when to lock

When you lock in an interest rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who decide to float conclude interest rates will drop 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 reduce your interest rate

When you choose to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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