Let Brian L. A. Wess assist you with applying for your home loan.
When purchasing a home, applying for the loan is exasperating for many people, but it doesn't have to be.
I'm very well-connected with some lenders in Colorado Springs, and they've helped me recognize a few things that will make the loan application process very manageable.
1 – Organize a list of questions about your loan program
Be sure to have a list of questions if you do not thoroughly realize the ins and outs of the different programs.
At times, it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each one.
2 – Determine when you want to lock
Locking in indicates that your mortgage lender guarantees the mortgage interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float think interest rates will drop 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 interest rate
If you choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan.
If you're not sure if purchasing points is the best option 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 common loan documentation.