Applying for your new home loan with help from John-Mark Mitchell's Realty Group

When buying a home, applying for a loan is very distressing for a lot of people, but it doesn't have to be. I'm very close to several lenders in Winston-Salem, and they've helped me learn some things that can make the loan application process a snap.

1 – Assemble a list of questions about your loan program

If you find that you do not perfectly comprehend the pros and cons of all the different loan programs, be sure to bring a list of questions with you. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, the mortgage lender is sure to keep to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who choose to float conclude the interest rates will plunge 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 interest rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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