Applying for your loan in Plantsville

When purchasing a home, applying for the mortgage loan is very troublesome for a lot of people, but it doesn't have to be. I'm very well-connected with several mortgage lenders in the Plantsville area, and they've helped me realize some things that make the loan application process a snap.

1 – Compose a list of questions about your loan program

Be sure to have a list of questions if you don't entirely realize the advantages and disadvantages of the various programs. I or one of my trusted lenders can help you understand the advantages and disadvantages of each one, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, your mortgage lender is sure to hold 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 at any time between application and at the time of closing. Buyers who prefer to float believe that the 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 decrease your interest rate

Oftentimes you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of general loan documentation.