Are you financing your new home in North Kingstown?

Many people think applying for the mortgage loan is one of the more exasperating aspects of buying a home, but it doesn't have to be. I'm very well-connected with a lot of lending companies in the North Kingstown area, and they've helped me recognize some things that will make the loan application process very manageable.

1 – Compose a list of questions regarding your loan program

Be sure you bring a list of questions if you do not perfectly understand the ins and outs of all the different programs. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program, because it's hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, a mortgage lender is guaranteed to keep to the interest rates for the loan – commonly at the time the loan application is sent in. 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. Those who prefer to float think the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to lower your rate

When you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying 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 assist you in determining if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of normal loan documentation.