Thinking of financing your new home in North Kingstown?

Applying for the mortgage loan can be one of the most demanding elements of buying a home, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in North Kingstown, and they've helped me learn a few things that can make the loan application process a snap.

1 – Create a list of questions about your loan program

If you do not fully realize the advantages and disadvantages of the different programs, be sure to bring a list of questions. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the rate, a mortgage lender is committing to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who decide to float presume 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 – Determine if you want to pay additional points to lower your interest rate

When you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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