Applying for your loan with help from Brian L. A. Wess

Applying for the mortgage loan can be one of the most troublesome parts of buying a house, but it doesn't have to be. I have a close relationship with various mortgage lenders in the Colorado Springs area, and they've helped me learn some things that will make the loan application process uncomplicated.

1 – Make a list of questions regarding your loan program

Be sure to bring a list of questions with you if you find that you don't fully realize the pros and cons of all the different programs. It can be a challenge to understand 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 each.

2 – Determine when to lock

Locking in an interest rate means that your mortgage lender commits to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who prefer to float conclude that the 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 decrease your interest rate

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

4 – Bring your paperwork

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