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

When buying a home, applying for a loan is demanding for many people, but it doesn't have to be. I'm very familiar with various lending companies in Colorado Springs, and they've helped me learn a few things that will make the loan application process a snap.

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

Be sure you bring a list of questions with you if you find that you don't totally understand the ins and outs of the various loan programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it's hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, your mortgage lender is guaranteed to commit to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who elect to float presume that interest rates will decline 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 reduce your interest rate

If you opt to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.

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Brian L. A. Wess

Infinite Horizons Realty

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