Are you going to finance your new home in North Kingstown?

Applying for the mortgage loan can be one of the most stressful parts of purchasing a house, but it doesn't have to be. I'm well-connected with a lot of mortgage lenders in the North Kingstown area, and they've helped me learn a few things that will make the process of applying for a loan very manageable.

1 – Compose a list of questions regarding your loan program

Make sure you bring a list of questions if you find that you don't totally realize the pros and cons of the various loan programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, the mortgage lender is guaranteed to keep to the 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 application and closing. Those who decide to float believe the 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 decrease your interest rate

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

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of common loan documentation.