Applying for your home loan in Colorado Springs with help from Brian L. A. Wess

Applying for mortgage financing is one of the most distressing aspects of purchasing a house for a buyer, but it doesn't have to be. I have a close business relationship with many lenders in the Colorado Springs area, and they've helped me understand a few things that will make the loan application process very manageable.

1 – Make a list of questions regarding your loan program

Make sure to have a list of questions if you find that you don't totally comprehend the ins and outs of all the various programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it denotes that the mortgage lender guarantees the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who decide to float conclude that the interest rates will dip 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 rate

Oftentimes you can opt 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 determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Acquiring 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 common loan documentation.