Are you looking to finance your new home?

For a lot of people, applying for mortgage financing can be one of the most troublesome elements of buying a house, but it doesn't have to be. Being familiar with some lending companies in North Kingstown has helped me recognize some things that can make the process of applying for a loan pretty simple.

1 – Create a list of questions regarding your loan program

Make sure you have a list of questions if you find that you do not completely realize the pros and cons of the various programs. It's a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

By locking in the interest rate, a lender is holding to 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 the loan and at the time of closing. Buyers who choose to float think that 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 choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.