Greater R.I. Properties, LLC can help you finance your home.

When purchasing a home, applying for the loan is very distressing for most people, but it doesn't have to be. Being familiar with several lending companies in the North Kingstown area has helped me realize a few things that make the loan application process uncomplicated.

1 – Make a list of questions regarding your loan program

Be sure you have a list of questions if you do not entirely comprehend the pros and cons of all the various programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate denotes that the mortgage lender commits to 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 loan application day and closing. Those who elect to float presume interest rates will drop 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 interest rate

If you choose to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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