Let Greater R.I. Properties, LLC assist you in applying for a new home loan.

Applying for the mortgage loan is one of the most troublesome elements of buying a home, but it doesn't have to be. I have a close business relationship with many mortgage lenders in North Kingstown, and they've helped me understand some things that make the loan application process uncomplicated.

1 – Put together a list of questions regarding your loan program

Make sure to have a list of questions with you if you find that you don't totally understand the advantages and disadvantages of all the different loan programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, it denotes that your mortgage lender commits to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and closing. Buyers who decide to float believe that 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 reduce your rate

Normally you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of common loan documentation.