Do you wish to finance your home?

Most people think that applying for mortgage financing is one of the more exasperating elements of purchasing a house, but it doesn't have to be. I have a close business relationship with a lot of lending companies in Colorado Springs, and they've helped me recognize a few things that make the loan application process very easy.

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

Make sure to have a list of questions with you if you do not totally realize the pros and cons of the different loan programs. It's a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

By locking in the rate, a mortgage lender is keeping to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who elect to float think 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 rate

When you opt to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.