Let Brian L. A. Wess assist you in financing a new home in Colorado Springs.
When buying a home, applying for the mortgage loan is very exasperating for many people, but it doesn't have to be.
I'm pretty well-connected with various lenders in the Colorado Springs area, and they've helped me recognize a few things that can make the loan application process very manageable.
1 – Compose a list of questions regarding your loan program
If you don't thoroughly understand the pros and cons of all the different loan programs, make sure to have a list of questions with you.
It is a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one.
2 – Determine when to lock
Locking in the rate signifies that your mortgage lender keeps to the interest rates for the loan – most often at the time the loan application is received.
By floating the rate, you can lock the rate at any time 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 lower your rate
When you elect 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. Every point is 1 percent of the loan.
If you're unsure if purchasing points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.