Applying for your new home loan in North Kingstown with the help of Greater R.I. Properties, LLC

Applying for financing can be one of the most distressing aspects of purchasing a home, but it doesn't have to be. I have a close relationship with several lending companies in North Kingstown, and they've helped me realize a few things that will make the loan application process very manageable.

1 – Make a list of questions regarding your loan program

If you find that you do not entirely realize the pros and cons of the various loan programs, make sure you have a list of questions with you. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in an interest rate designates that a mortgage lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who prefer to float presume 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 – Decide if you want to pay additional points to reduce your rate

If you choose to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is right 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 all your documents together. Click here for a list of general loan documentation.