Brian L. A. Wess can assist you with applying for a loan.

A lot of buyers believe that applying for a loan is one of the most stressful aspects of purchasing a home, but it doesn't have to be. I'm pretty well-connected with some mortgage lenders in Colorado Springs, and they've helped me recognize some things that make the process of applying for a loan uncomplicated.

1 – Compose a list of questions about your loan program

If you don't thoroughly understand the ins and outs of the different loan programs, make sure you have a list of questions with you. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, it means that the mortgage lender commits to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who opt to float believe 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 reduce your rate

Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of common loan documentation.