Thinking about financing a home? John-Mark Mitchell's Realty Group can help.
When purchasing a home, applying for the loan is a stressful event for a lot of people, but it doesn't have to be.
I'm well-connected to a lot of lending companies in the Winston-Salem area, and they've helped me learn some things that make the loan application process a breeze.
1 – Compile a list of questions regarding your loan program
Make sure to bring a list of questions if you do not perfectly realize the advantages and disadvantages of the various programs.
I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in a rate, the lender is guaranteed to keep to the interest rates for the loan – normally at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who prefer to float believe the 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 lower your rate
When you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.