Are you thinking about financing a new home in Colorado Springs? Brian L. A. Wess can help.

When buying a home, applying for the mortgage loan is distressing for a lot of people, but it doesn't have to be. Being close with various lending companies in the Colorado Springs area has helped me realize some things that make the process of applying for a loan easy.

1 – Create a list of questions about your loan program

If you don't perfectly realize the advantages and disadvantages of all the different programs, make sure you have a list of questions with you. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in an interest rate denotes that the mortgage lender guarantees the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who opt to float think 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 decrease your interest rate

When you choose to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Bring your paperwork

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