Are you going to finance a home in Colorado Springs?
For a lot of people, applying for a loan can be one of the most troublesome elements of buying a house, but it doesn't have to be.
I'm well-connected with a lot of mortgage lenders in Colorado Springs, and they've helped me realize a few things that will make the process of applying for a loan uncomplicated.
1 – Put together a list of questions about your loan program
Be sure to have a list of questions with you if you do not thoroughly understand the advantages and disadvantages of the different loan programs.
I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in the interest rate, a mortgage lender is committing to the mortgage interest rates for the loan – commonly at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who decide 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 – Determine if you want to pay additional points to decrease your interest rate
Usually you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. This tool will assist you with deciding if buying points is the best option for you.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.