Looking to finance your home in North Kingstown? Greater R.I. Properties, LLC can help.

Applying for a loan can be one of the most distressing elements of buying a home for a buyer, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in the North Kingstown area, and they've helped me recognize some things that make the loan application process easy.

1 – Compose a list of questions regarding your loan program

Be sure you bring a list of questions if you find that you do not totally realize the ins and outs of the various programs. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it is hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the rate denotes that the lender commits to the mortgage interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who decide to float think that interest rates will plunge 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 decrease your rate

If you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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