Are you looking to finance a home in Colorado Springs? Brian L. A. Wess can help.
Most buyers believe applying for the loan is one of the most stressful aspects of buying a house, but it doesn't have to be.
I have a close relationship with a lot of lenders in Colorado Springs, and they've helped me recognize a few things that make the loan application process pretty simple.
1 – Compile a list of questions about your loan program
Make sure to have a list of questions with you if you do not perfectly understand the ins and outs of the different programs.
It's a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each.
2 – Decide when to lock
When you lock in an interest rate, it designates that a mortgage lender holds to the mortgage interest rates for the loan – typically at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who decide to float conclude that the interest rates will decline 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 opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.