Applying for a loan with help from Greater R.I. Properties, LLC

Applying for a mortgage loan can be one of the most stressful elements of buying a house for a buyer, but it doesn't have to be. I'm very connected 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 very easy.

1 – Organize a list of questions regarding your loan program

If you do not perfectly realize the pros and cons of the various loan programs, be sure you bring a list of questions. It is a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in a rate, your lender is guaranteed to commit to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who prefer to float conclude that interest rates will dip 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 decrease your interest rate

Generally you can decide 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 closing. If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a 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.