Are you looking to finance a home? Greater R.I. Properties, LLC can help.

When buying a home, applying for financing is exasperating for most people, but it doesn't have to be. I have a close relationship with many lenders in North Kingstown, and they've helped me learn a few things that make the process of applying for a loan very manageable.

1 – Create a list of questions regarding your loan program

Be sure you have a list of questions with you if you don't fully understand the advantages and disadvantages of the different programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, the lender is sure to hold to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who opt to float conclude the interest rates will decline 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

When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're unsure if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of typical loan documentation.