Applying for your loan in Colorado Springs with the help of Brian L. A. Wess

Applying for a mortgage loan is one of the most demanding aspects of purchasing a home, but it doesn't have to be. I have a close business relationship with some mortgage lenders in Colorado Springs, and they've helped me realize some things that will make the process of applying for a loan a snap.

1 – Put together a list of questions about your loan program

Be sure you bring a list of questions with you if you find that you don't entirely comprehend the ins and outs of the various loan programs. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who decide to float think that 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

Generally you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.

4 – Gather your paperwork

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