Applying for a new home loan in Colorado Springs with the help of Brian L. A. Wess
Applying for mortgage financing can be one of the most distressing elements of buying a house for a buyer, but it doesn't have to be.
I'm close to a lot of mortgage lenders in the Colorado Springs area, and they've helped me understand a few things that can make the process of applying for a loan a breeze.
1 – Assemble a list of questions regarding your loan program
Make sure you bring a list of questions if you find that you do not fully understand the pros and cons of all the various loan programs.
Oftentimes, it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program.
2 – Determine when you want to lock
When you lock in an interest rate, the lender is sure to keep to the interest rates for the loan – ordinarily at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between application and closing. Buyers who decide to float presume the 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 decrease your interest rate
If you decide to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
To determine if purchasing points is right 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 common loan documentation.