Brian L. A. Wess can assist you with applying for a new home loan in Colorado Springs.

A lot of buyers think applying for the loan is one of the more demanding parts of purchasing a home, but it doesn't have to be. I'm pretty well-connected to several lenders in Colorado Springs, and they've helped me understand some things that can make the process of applying for a loan easy.

1 – Organize a list of questions about your loan program

Make sure you have a list of questions if you do not thoroughly comprehend the ins and outs of all the different loan programs. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program, because it's a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, a mortgage lender is sure to hold to the mortgage interest rates for the loan – often 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 your loan and the issuing of closing documents. Those who opt to float conclude interest rates will fall 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 rate

Oftentimes 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 the time of closing. To decide if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

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

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Brian L. A. Wess

Infinite Horizons Realty

2910 N. Powers Blvd, #174
Colorado Springs, CO 80922