Looking to finance your home in Colorado Springs? Brian L. A. Wess can help.
When buying a home, applying for the mortgage loan is exasperating for many people, but it doesn't have to be.
I have a close business relationship with many lenders in the Colorado Springs area, and they've helped me learn a few things that will make the loan application process a snap.
1 – Create a list of questions regarding your loan program
Make sure to have a list of questions if you find that you don't perfectly comprehend the pros and cons of all the different programs.
I or one of my lenders can help you understand the advantages and disadvantages of each one, because it is hard to understand the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in an interest rate, a mortgage lender is committing to the mortgage interest rates for the loan – often at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who choose to float presume that interest rates will decline 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 reduce your rate
When you decide to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan.
To decide if you should buy points, click here to use our points calculator.
4 – Gather your paperwork
Acquiring a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of general loan documentation.