Greater R.I. Properties, LLC can help you with financing your home in North Kingstown.

Applying for mortgage financing is one of the most troublesome parts of purchasing a home, but it doesn't have to be. I have a close business relationship with some lending companies in North Kingstown, and they've helped me learn a few things that can make the loan application process uncomplicated.

1 – Put together a list of questions about your loan program

Make sure you have a list of questions if you find that you do not completely realize the pros and cons of all the different loan programs. It is often a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in a rate, the lender is sure to hold to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who decide to float presume that interest rates will decline 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 interest rate

When you elect to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if you should buy points, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of general loan documentation.