Securing financing is just one part of a home purchase. Blalock Realty, Inc. is seasoned at helping both new and experienced buyers alike in all areas of real estate. Call us today at 336.774.6555 if your needs include a professional REALTOR® ready for the business side of real estate.
Applying for your loan in Winston-Salem
Applying for the loan can be one of the more exasperating elements of purchasing a house. But it doesn't have to be.
Being connected with various lending companies in Winston-Salem has helped me recognize a few things that can make the loan application process very manageable.
1 – Put together a list of questions about your loan program
Make sure you bring a list of questions with you if you find that you don't thoroughly grasp the advantages and disadvantages of the different loan programs.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one, because it is a challenge to understand the characteristics of fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in a rate indicates that a lender holds to the interest rates for the loan – usually at the time the loan application is presented.
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 presume that 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 reduce your interest rate
Oftentimes 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.
Click here to use our points calculator. This tool will help you decide if buying points is right for you.
4 – Compile your paperwork
Acquiring a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to see common information that goes on a loan application.
Blalock Realty, Inc. 501 Thurston Street Winston-Salem, N.C. 27103
