Applying for your loan in Colorado Springs with the help of Brian L. A. Wess

A lot of buyers believe that applying for the loan is one of the most troublesome elements of buying a home, but it doesn't have to be. I have a close relationship with several lending companies in the Colorado Springs area, and they've helped me learn a few things that will make the process of applying for a loan very manageable.

1 – Compile a list of questions regarding your loan program

Make sure you have a list of questions with you if you don't fully understand the ins and outs of the different loan programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, the lender is keeping to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who opt to float presume interest rates will dip 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

When you decide to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of typical loan documentation.


Brian L. A. Wess

Infinite Horizons Realty

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