Looking to finance a new home in North Kingstown?

For many people, applying for financing is one of the most distressing elements of buying a house, but it doesn't have to be. I'm very well-connected with some lending companies in the North Kingstown area, and they've helped me recognize a few things that can make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

Be sure to have a list of questions with you if you do not fully realize the advantages and disadvantages of all the various programs. It's hard to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

By locking in a rate, your mortgage lender is committing to the mortgage interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who prefer to float think that the interest rates will dip 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 reduce your rate

Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Every 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 with determining if purchasing points is right for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.