Are you going to finance a home? Perrella Realty, LLC. can help.

For many people, applying for the loan is one of the most demanding parts of buying a house, but it doesn't have to be. I'm pretty close to a lot of mortgage lenders in the Plantsville area, and they've helped me realize some things that make the loan application process easy.

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

If you don't perfectly realize the ins and outs of all the various loan programs, make sure you bring a list of questions with you. It can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in the rate, it means that your lender keeps to the mortgage 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 day you apply for your loan and the issuing of closing documents. Buyers who choose to float conclude that the interest rates will fall 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 decrease your rate

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

4 – Gather your paperwork

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