Are you going to finance your new home in Winston-Salem? John-Mark Mitchell's Realty Group can help.

When buying a home, applying for a loan is very troublesome for many people, but it doesn't have to be. I have a close relationship with some mortgage lenders in Winston-Salem, and they've helped me realize some things that will make the process of applying for a loan a snap.

1 – Organize a list of questions regarding your loan program

If you find that you do not fully comprehend the advantages and disadvantages of all the various loan programs, be sure to have a list of questions with you. It's a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

Locking in a rate means that your lender commits to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who prefer to float presume 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 – Decide if you want to pay additional points to decrease your interest rate

Usually you can elect to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Compile your paperwork

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