Greater R.I. Properties, LLC can help you finance a home.

Applying for a mortgage loan is one of the most exasperating elements of purchasing a house for a buyer, but it doesn't have to be. I have a close relationship with several lenders in the North Kingstown area, and they've helped me realize some things that can make the process of applying for a loan much easier.

1 – Make a list of questions about your loan program

Be sure to have a list of questions with you if you find that you do not completely comprehend the pros and cons of the various programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it denotes that a mortgage lender commits to the mortgage interest rates for the loan – most often 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 the loan and the issuing of closing documents. Those who prefer to float believe interest rates will plunge 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

Normally you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.

4 – Compile your paperwork

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