Are you financing your home?

For many people, applying for a mortgage loan is one of the more stressful elements of buying a home, but it doesn't have to be. I'm very connected with various mortgage lenders in Winston-Salem, and they've helped me learn a few things that will make the process of applying for a loan much easier.

1 – Make a list of questions about your loan program

If you do not perfectly comprehend the pros and cons of all the different loan programs, make sure you have a list of questions. It can be hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in the interest rate, a mortgage lender is sure to keep to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who prefer to float believe that interest rates will dip 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 reduce your rate

Generally you can decide 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. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Getting 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.