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

Many buyers believe that applying for the mortgage loan is one of the most distressing aspects of purchasing a home, but it doesn't have to be. I'm pretty connected to many lending companies in the Colorado Springs area, and they've helped me learn a few things that can make the process of applying for a loan a breeze.

1 – Create a list of questions regarding your loan program

Be sure to bring a list of questions with you if you do not completely understand the ins and outs of the different programs. It can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in an interest rate, your mortgage lender is guaranteeing the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who choose to float believe 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 reduce your rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're undecided on whether or not purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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