Do you want to finance a new home in Winston-Salem? John-Mark Mitchell's Realty Group can help.

Applying for financing is one of the most stressful aspects of purchasing a house, but it doesn't have to be. I'm very familiar with many lending companies in Winston-Salem, and they've helped me understand a few things that will make the loan application process a breeze.

1 – Compile a list of questions regarding your loan program

Make sure to have a list of questions if you don't perfectly comprehend the pros and cons of all the different loan 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 can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it designates that the mortgage lender holds to the interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Those who prefer to float believe 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 decrease your interest rate

Usually you can decide to pay additional points to lower the interest rate of your loan. Every 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 spend some time getting all your documents together. Click here to get a list of normal loan documentation.