Securing financing is just one aspect of getting into a new home. eXp Realty of the Carolinas is experienced at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of real estate.
Applying for a new home loan in Winston-Salem
When purchasing a home, applying for a mortgage loan is very exasperating for a lot of people, but it doesn't have to be.
I have excellent relationships with many lending companies in Winston-Salem , and they've helped me learn a few things that will make the process of applying for a loan a breeze.
1 – Organize a list of questions about your loan program
Be sure you bring a list of questions if you do not perfectly grasp the advantages and disadvantages of the various loan programs.
I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs, because it's hard to know the differences between both fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in the rate, your lender is guaranteed to commit to the interest rates for the loan – normally at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who prefer 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 – Decide if you want to pay additional points to lower your interest rate
Generally you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
To decide if purchasing points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.
