Greater R.I. Properties, LLC can assist you in financing your home in North Kingstown.

For most people, applying for mortgage financing can be one of the most stressful aspects of purchasing a home, but it doesn't have to be. Being connected to some lenders in North Kingstown has helped me learn some things that can make the loan application process effortless.

1 – Compose a list of questions about your loan program

If you don't fully comprehend the pros and cons of the different programs, be sure you have a list of questions with you. It is hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in a rate, it indicates that the mortgage lender keeps to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Buyers who prefer to float believe 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 reduce your rate

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if purchasing points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.