Applying for a new home loan in Winston-Salem

Applying for a loan can be one of the most exasperating parts of buying a house for a buyer, but it doesn't have to be. I'm very well-connected with a lot of mortgage lenders in the Winston-Salem area, and they've helped me realize some things that will make the process of applying for a loan effortless.

1 – Make a list of questions about your loan program

Make sure to have a list of questions if you don't fully realize the pros and cons of all the various loan programs. It can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in the interest rate, the mortgage lender is guaranteed to keep to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who choose to float presume 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 decrease your interest rate

Generally you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.

4 – Bring your paperwork

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