Applying for a home loan in Winston-Salem

A lot of buyers think applying for the loan is one of the most exasperating elements of purchasing a house, but it doesn't have to be. I have a close business relationship with various mortgage lenders in Winston-Salem, and they've helped me realize some things that will make the loan application process pretty simple.

1 – Create a list of questions regarding your loan program

If you do not fully understand the advantages and disadvantages of the various programs, be sure to have a list of questions. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program, because it is a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, your mortgage lender is committing to the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who decide to float conclude interest rates will decline 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 rate

Typically 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. Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of typical loan documentation.