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

Most people think that applying for a mortgage loan is one of the more troublesome aspects of purchasing a house, but it doesn't have to be. I have a close relationship with some lending companies in Winston-Salem, and they've helped me understand a few things that can make the process of applying for a loan effortless.

1 – Organize a list of questions regarding your loan program

If you find that you do not entirely understand the pros and cons of the different loan programs, make sure you have a list of questions. I or one of my lender contacts can help you understand the advantages and disadvantages of each one, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, your lender is sure to hold to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who choose to float conclude the interest rates will drop 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 lower your interest rate

Normally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.