Do you want to finance a home in Plantsville? Perrella Realty, LLC. can help.

Applying for the mortgage loan can be one of the most exasperating elements of purchasing a home, but it doesn't have to be. I'm very close with various lending companies in the Plantsville area, and they've helped me realize a few things that make the loan application process very easy.

1 – Organize a list of questions regarding your loan program

Make sure to bring a list of questions if you don't perfectly comprehend the pros and cons of all the different programs. I or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate means that the mortgage lender commits to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who choose to float believe that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

Typically you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're not sure if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of typical loan documentation.