Let Brian L. A. Wess help you apply for your home loan in Colorado Springs.

Applying for financing can be one of the most stressful elements of purchasing a house, but it doesn't have to be. I have a close relationship with some lenders in Colorado Springs, and they've helped me learn some things that can make the loan application process effortless.

1 – Make a list of questions about your loan program

If you don't perfectly realize the pros and cons of all the various loan programs, make sure you have a list of questions with you. It is a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one.

2 – Decide when to lock

When you lock in a rate, your lender is guaranteed to keep to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who prefer to float believe that 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 decrease your interest rate

Generally you can decide 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. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.

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