Are you thinking of financing a home in North Kingstown? Greater R.I. Properties, LLC can help.

When purchasing a home, applying for financing is demanding for many people, but it doesn't have to be. I have a close relationship with some lending companies in the North Kingstown area, and they've helped me recognize some things that will make the loan application process much easier.

1 – Organize a list of questions about your loan program

Make sure you have a list of questions with you if you find that you don't fully realize the advantages and disadvantages of all the different loan programs. It is a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in a rate, your mortgage lender is sure to commit to the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and closing. Buyers who prefer 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

Usually you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. If you're undecided on whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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