Applying for a loan in North Kingstown with the help of Greater R.I. Properties, LLC

Most people believe that applying for a mortgage loan is one of the most troublesome parts of purchasing a home, but it doesn't have to be. I have a close relationship with several lending companies in North Kingstown, and they've helped me realize a few things that can make the process of applying for a loan much easier.

1 – Create a list of questions regarding your loan program

Make sure to have a list of questions if you find that you don't thoroughly realize the advantages and disadvantages of all the various programs. It is often a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the rate, your lender is sure to hold to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who opt to float think 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

If you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay 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. It will help you determine if purchasing 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 documentation together. Click here for a list of general loan documentation.