Brian L. A. Wess can assist you in applying for your home loan in Colorado Springs.

When buying a home, applying for a mortgage loan is a stressful event for most people, but it doesn't have to be. I have a close relationship with a lot of lending companies in Colorado Springs, and they've helped me learn a few things that make the loan application process uncomplicated.

1 – Make a list of questions regarding your loan program

If you do not totally comprehend the ins and outs of the various programs, be sure you have a list of questions with you. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate designates that your mortgage lender commits to the interest rates for the loan – typically at the time the loan application is sent in. 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 believe that interest rates will dip 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 rate

When you opt to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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