Let Greater R.I. Properties, LLC assist you in applying for a new home loan in North Kingstown.

Most buyers believe applying for a loan is one of the most exasperating aspects of buying a house, but it doesn't have to be. I'm pretty connected to some lenders in North Kingstown, and they've helped me recognize some things that make the loan application process uncomplicated.

1 – Create a list of questions regarding your loan program

If you find that you do not thoroughly comprehend the ins and outs of all the different programs, be sure you bring a list of questions. It's hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in an interest rate, a lender is guaranteed to hold to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who elect to float believe that the 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 lower your 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 mortgage loan. Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of common loan documentation.