Applying for a home loan in Winston-Salem

Applying for the loan is one of the most exasperating elements of purchasing a home, but it doesn't have to be. Being close with various lending companies in the Winston-Salem area has helped me realize some things that can make the process of applying for a loan very easy.

1 – Assemble a list of questions regarding your loan program

Be sure to bring a list of questions if you do not fully realize the ins and outs of all the various programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in a rate designates that your lender keeps to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who decide to float think the interest rates will fall 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

Normally you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. To determine if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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