Are you thinking about financing a new home?

For a lot of people, applying for a loan can be one of the most stressful aspects of purchasing a home, but it doesn't have to be. I'm pretty well-connected to a lot of mortgage lenders in the Colorado Springs area, and they've helped me understand a few things that can make the loan application process pretty simple.

1 – Create a list of questions about your loan program

Make sure to bring a list of questions with you if you don't totally comprehend the ins and outs of all the different programs. Oftentimes, it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

By locking in the rate, the lender is guaranteeing the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who prefer to float presume interest rates will dip 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 interest rate

If you elect to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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