Do you want to finance a new home in Colorado Springs? Brian L. A. Wess can help.

A lot of people believe applying for financing is one of the more exasperating aspects of buying a house, but it doesn't have to be. I'm pretty close with various lenders in Colorado Springs, and they've helped me learn a few things that make the loan application process very easy.

1 – Compile a list of questions regarding your loan program

If you find that you do not thoroughly comprehend the ins and outs of all the various loan programs, be sure you bring a list of questions with you. At times, it can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in the rate, the lender is guaranteed to commit to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. 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 believe interest rates will plunge 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 rate

If 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 mortgage loan. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of normal loan documentation.

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