Let Greater R.I. Properties, LLC assist you with applying for your loan in North Kingstown.
Many buyers think that applying for a loan is one of the more exasperating parts of purchasing a house, but it doesn't have to be.
I'm well-connected to a lot of mortgage lenders in the North Kingstown area, and they've helped me recognize some things that will make the loan application process effortless.
1 – Organize a list of questions regarding your loan program
Make sure you have a list of questions with you if you find that you don't completely realize the pros and cons of the various programs.
It can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each.
2 – Determine when you want to lock
When you lock in the interest rate, the mortgage lender is sure to keep to the mortgage interest rates for the loan – often at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who choose to float believe that the 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 reduce your rate
If you opt to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan.
Click here to use our points calculator. It will assist you with determining if buying points is right for you.
4 – Gather your paperwork
Obtaining 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.