Applying for your home loan in Colorado Springs with the help of Brian L. A. Wess
Applying for financing is one of the most stressful elements of buying a home, but it doesn't have to be.
I have a close relationship with some lending companies in the Colorado Springs area, and they've helped me recognize some things that will make the loan application process pretty simple.
1 – Put together a list of questions about your loan program
If you do not totally realize the pros and cons of the different loan programs, be sure you have a list of questions with you.
I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
By locking in an interest rate, a mortgage lender is holding to the mortgage interest rates for the loan – ordinarily 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 the loan and at the time of closing. Those who elect to float presume that interest rates will fall 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
Normally you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
To decide if buying points is the best option for you, click here to use our points calculator.
4 – Gather your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.