Are you financing a new home? Brian L. A. Wess can help.
Applying for a loan is one of the most distressing elements of buying a house, but it doesn't have to be.
I'm well-connected with many lenders in the Colorado Springs area, and they've helped me recognize a few things that can make the loan application process effortless.
1 – Compose a list of questions regarding your loan program
If you find that you do not perfectly understand the ins and outs of the different programs, be sure you bring a list of questions with you.
I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in a rate, it designates that a mortgage lender holds to the interest rates for the loan – often at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who choose to float think 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 decrease your rate
If you opt 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 mortgage loan.
Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of common loan documentation.