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Hispanic Family purchasing home

Buying a Home

Home prices are on the rise in Colorado and nationwide. Low interest rates are fueling buyer demand and creating a fast-paced real estate environment. If you’re in the market for a home, whether as a first-time buyer or an experienced home purchaser, understanding all your options is crucial for making your dream home a reality.

Three things to remember:

  1. The lowest advertised interest rate isn’t always the rate you qualify for. Your credit score could dictate a higher rate. Undergo a quick pre-approval process and know how much home you qualify for BEFORE you start looking.
  2. You can lower any interest rate by buying down points – but is buying down points worth it? We’ll help you decide.
  3. Not all loans require the 20% down payment of a conventional loan. We’ll help you find the type of loan or lending program that allows you to purchase a home.

How to get started:

You will most likely be eligible for various loan options and we can best serve your needs if we learn more about your financial circumstances.

To learn more we’ll schedule a video conference or in-person meeting – socially distanced and safe.

During our initial conversation we’ll discuss your short and long-term goals. Once we’ve collected your information, we can develop a sound strategy that meets your needs.

What we’ll do for you:

  1. Identify any budget constraints and determine financial parameters for the total monthly housing expense, including HOA dues if applicable.
  2. Compare various mortgage products such as conventional mortgages, FHA loans, and others.
  3. Provide interest and closing cost options.
  4. Determine the most effective down payment based on your overall financial position and goals.
  5. Outline mortgage insurance strategies to determine if it makes sense to pay monthly premiums or to bypass mortgage insurance.

NEXT STEPS

Preapproval

Prequalification and preapproval are the same thing, correct? Not exactly. Prequalification typically relies on self-reported, unverified financial data. Prequalification can help estimate how much home you may be able to afford; it will not help you determine if you could realistically afford a higher priced home.

In order to provide all possible options in your situation, we take you through a thoughtful preapproval process. During this process, we identify any areas of concern and present options and strategies on ways to resolve them. We attend to every detail to eliminate any surprises and ensure that your mortgage application will be approved without delay.  

Once you’re preapproved, you’re ready to start looking for a home. You’ll have the knowledge and the confidence to act quickly and submit a solid offer. In today’s competitive market, being able to act quickly is imperative.

Underwriting

We coordinate with all relevant parties to avoid delays during the application process or at closing. We work with underwriters, realtors, appraisers, insurance agents, and the title companies to ensure that all documents and steps are completed in a timely manner.

We will stay in touch throughout the process regarding the status of your application. Because we developed your financial plan together — and because you underwent our thorough preapproval process — there’s no need to stress during underwriting.

Closing

We’ll attend the closing to ensure that everything goes smoothly, and to address any questions. If have additional questions regarding your mortgage after the closing, give us a call.