Are you looking to finance a home in Colorado Springs? Brian L. A. Wess can help.
When buying a home, applying for the loan is a very troublesome event for many people, but it doesn't have to be.
I have a close business relationship with a lot of lenders in the Colorado Springs area, and they've helped me recognize some things that will make the loan application process a snap.
1 – Compile a list of questions about your loan program
Be sure to have a list of questions with you if you find that you don't completely realize the pros and cons of all the different programs.
I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program, because it is a challenge to understand the characteristics of fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in the rate designates that a lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who opt to float believe the interest rates will fall 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
Generally you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of normal loan documentation.