John-Mark Mitchell's Realty Group can help you with financing a new home in Winston-Salem.

Most people think that applying for the mortgage loan is one of the more stressful elements of purchasing a home, but it doesn't have to be. I'm connected with a lot of lenders in Winston-Salem, and they've helped me learn some things that can make the loan application process a snap.

1 – Compose a list of questions about your loan program

If you do not thoroughly understand the advantages and disadvantages of all the different loan programs, make sure you have a list of questions with you. It is a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Decide when to lock

Locking in means that the mortgage lender keeps to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who elect to float believe that the 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 decrease your rate

Typically you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of common loan documentation.