Are you financing your home? Greater R.I. Properties, LLC can help.

For most people, applying for the mortgage loan can be one of the more stressful aspects of purchasing a house, but it doesn't have to be. I'm pretty well-connected with several lending companies in the North Kingstown area, and they've helped me learn some things that make the process of applying for a loan effortless.

1 – Assemble a list of questions about your loan program

If you find that you do not entirely comprehend the advantages and disadvantages of all the various loan programs, be sure you have a list of questions with you. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in an interest rate, a lender is holding to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who decide to float presume 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 rate

Usually 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 the time of closing. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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