Greater R.I. Properties, LLC can help you apply for your new home loan in North Kingstown.

Many buyers think that applying for a mortgage loan is one of the more exasperating elements of buying a house, but it doesn't have to be. I'm very well-connected to various lending companies in North Kingstown, and they've helped me recognize a few things that will make the process of applying for a loan a breeze.

1 – Make a list of questions regarding your loan program

Make sure you bring a list of questions if you find that you don't totally comprehend the ins and outs of the different programs. At times, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in an interest rate, it indicates that the mortgage lender keeps to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and closing. Those who decide to float presume that interest rates will drop 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

Normally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

Getting 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 typical loan documentation.