Let Perrella Realty, LLC. help you finance your home.

For many people, applying for financing can be one of the more demanding elements of purchasing a home, but it doesn't have to be. I'm very familiar with a lot of mortgage lenders in Plantsville, and they've helped me learn some things that can make the process of applying for a loan a snap.

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

Be sure you have a list of questions if you don't fully comprehend the ins and outs of all the various programs. Oftentimes, it can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in the rate, a mortgage lender is guaranteed to commit to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who choose to float believe interest rates will fall 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 rate

If you choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if buying points is right for you.

4 – Bring your paperwork

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