Brian L. A. Wess can assist you in financing a home in Colorado Springs.
Applying for a loan can be one of the most distressing aspects of buying a home for a buyer, but it doesn't have to be.
I'm pretty connected to many lenders in Colorado Springs, and they've helped me learn some things that will make the loan application process a snap.
1 – Compile a list of questions about your loan program
If you don't perfectly understand the advantages and disadvantages of the various loan programs, make sure you have a list of questions with you.
I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it's hard to know the distinctions between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
By locking in a rate, your mortgage lender is guaranteeing the mortgage interest rates for the loan – commonly 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 issuance of closing documents. Those who opt to float believe that the interest rates will plunge 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 decrease your interest rate
When you choose to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. It will assist you in deciding if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a list of general loan documentation.