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

Applying for financing is one of the most demanding aspects of purchasing a home for a buyer, but it doesn't have to be. Being familiar with a lot of mortgage lenders in Winston-Salem has helped me learn a few things that can make the process of applying for a loan very easy.

1 – Assemble a list of questions about your loan program

Make sure to have a list of questions with you if you find that you do not fully comprehend the ins and outs of all the different loan programs. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it is a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the interest rate designates that the mortgage lender keeps to the interest rates for the loan – usually 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 closing. Buyers who prefer 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

If you decide to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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