Greater R.I. Properties, LLC can assist you in financing your new home.

Applying for the loan is one of the most exasperating elements of purchasing a house, but it doesn't have to be. I'm familiar with some mortgage lenders in North Kingstown, and they've helped me recognize a few things that make the process of applying for a loan a snap.

1 – Create a list of questions regarding your loan program

If you find that you do not thoroughly realize the pros and cons of the various loan programs, make sure you have a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program, because it is a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in an interest rate, the lender is guaranteeing the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who decide to float think interest rates will drop 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 rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.

4 – Gather your paperwork

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