Applying for a new home loan with help from John-Mark Mitchell's Realty Group

Applying for mortgage financing is one of the most exasperating elements of buying a house for a buyer, but it doesn't have to be. I'm pretty connected to several mortgage lenders in Winston-Salem, and they've helped me understand some things that will make the loan application process much easier.

1 – Put together a list of questions regarding your loan program

If you find that you do not thoroughly understand the pros and cons of all the various programs, be sure to have a list of questions. At times, it can be hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

By locking in an interest rate, a lender is guaranteeing the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who choose to float believe interest rates will plunge 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

If you opt to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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