Thinking of financing your new home in Winston-Salem?

Most people believe that applying for the loan is one of the most distressing elements of buying a house, but it doesn't have to be. I'm very connected to many lending companies in the Winston-Salem area, and they've helped me learn some things that make the loan application process a snap.

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

Be sure you bring a list of questions with you if you find that you don't thoroughly comprehend the ins and outs of all the various loan programs. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, it signifies that the lender commits to the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who elect to float believe 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 decide to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of common loan documentation.