Are you financing a home in Colorado Springs? Brian L. A. Wess can help.
When purchasing a home, applying for a loan is a troublesome event for many people, but it doesn't have to be.
I have a close business relationship with some lending companies in Colorado Springs, and they've helped me learn a few things that can make the process of applying for a loan very easy.
1 – Compile a list of questions regarding your loan program
Make sure you bring a list of questions with you if you find that you don't completely realize the advantages and disadvantages of the various programs.
It can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one.
2 – Decide when you want to lock
Locking in the interest rate denotes that your mortgage lender commits to the interest rates for the loan – normally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who decide 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 – Decide if you want to pay additional points to lower your rate
When you choose to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan.
Click here to use our points calculator. It will assist you with determining if buying points is right for you.
4 – Bring your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of general loan documentation.