Let Greater R.I. Properties, LLC assist you with applying for your home loan in North Kingstown.

When purchasing a home, applying for a mortgage loan is a distressing event for a lot of people, but it doesn't have to be. I have a close business relationship with a lot of lending companies in the North Kingstown area, and they've helped me learn some things that can make the process of applying for a loan a breeze.

1 – Compose a list of questions about your loan program

Be sure you have a list of questions with you if you do not fully realize the pros and cons of all the different programs. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs, because it's hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the interest rate, your mortgage lender is guaranteeing the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who choose to float believe the interest rates will dip 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

Generally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. To decide if purchasing 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 your documentation together. Click here to get a list of general loan documentation.