Greater R.I. Properties, LLC can help you with financing a home.

For many people, applying for the loan is one of the most stressful elements of purchasing a house, but it doesn't have to be. Being familiar with several lenders in North Kingstown has helped me learn some things that can make the process of applying for a loan a breeze.

1 – Organize a list of questions about your loan program

Make sure you have a list of questions if you find that you don't completely comprehend the ins and outs of the various loan programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the interest rate, the mortgage lender is guaranteeing the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who prefer to float conclude 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 lower your rate

Usually you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.