Do you want to finance a home in Colorado Springs?

Applying for a loan can be one of the most stressful elements of buying a home, but it doesn't have to be. I have a close relationship with many lending companies in Colorado Springs, and they've helped me realize some things that will make the loan application process very manageable.

1 – Compile a list of questions regarding your loan program

Be sure you have a list of questions if you don't perfectly comprehend the pros and cons of the various loan programs. Oftentimes, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each.

2 – Determine when to lock

By locking in a rate, the lender is holding to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Those who elect to float conclude that interest rates will fall 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 lower your rate

If you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. If you're not sure if buying points is right for you, 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 your documentation together. Click here for a list of typical loan documentation.