Greater R.I. Properties, LLC can assist you with applying for a home loan in North Kingstown.

Most buyers think applying for a mortgage loan is one of the more troublesome parts of purchasing a house, but it doesn't have to be. Being close to many lenders in North Kingstown has helped me understand some things that make the process of applying for a loan easy.

1 – Compile a list of questions about your loan program

If you find that you don't entirely understand the advantages and disadvantages of all the different programs, make sure to bring a list of questions with you. It can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

Locking in the rate signifies that your mortgage lender holds to the interest rates for the loan – normally 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 issuance of closing documents. Buyers who choose to float believe that 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

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Bring your paperwork

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