Home Buying Process

Closing a home in Denver

 

 

Whether you have decided to purchase a home in the Denver metro area or you are still in the decision making process, it is wise to learn all about the process of buying a home. Of course you will agree it is important to avoid common mistakes that home buyers make every day. After reading the following pages, you too will be able to recognize a “pitfall” when you see it!

Follow these links to learn about the various steps to take in purchasing your home:

The Home Buying Process

What is a Buyer Broker?

Agency relationships are defined by law in Colorado. A buyer broker is an advocate for you, not the seller. A buyer broker relationship is one of the ways you can be represented in Colorado, since it’s the law you should learn about it!

Financing your home.

All types of loans are available in the Denver metro area, To determine the best one for you, takes a consultation with a good, reputable mortgage banker. Since mortgage people are not regulated in Colorado it’s important to have a referral of someone you can trust, after all you will be sharing with them your most personal information.

How to Qualify for a home loan (mortgage)?

Qualify for your home mortgage by knowing what to bring to the loan application, it will shorten the process and make life so much easier for all involved…especially you!

How much of a down payment do I need?

Down payments for home loans can be obtained from various sources (much to the relief of your wealthy aunt!) Review these allowable sources for a down payment, perhaps you have more money to use toward your new home.

Do I need money “up front” before closing?

A short and simple answer is “yes!” How much depends on various things, learn about what that might be, and don’t forget to bring the checkbook!

What are closing costs associated with the real estate and the financing of the transaction.

When should I get loan approval?

Strategy for a home purchase should always include a pre-approved loan, prior to beginning to search for a house. You can never be too prepared to present your case when negotiating a home purchase. [Click Here for More]

How do I find the best Interest rates?

Buyer often search for a mortgage by checking the interest rate.  This method is not the best, as there are other costs involved with a loan.  For instance, a mortgage could have a very low interest rate but very high closing costs.   In order to find the best of both one must compare both the interest rate and the closing costs.  Having the lender prepare a Good Faith Estimate, where all the costs are outlined, it the way to find the best interest rate.

What is PMI?

Private Mortgage Insurance used to be a fact of life for borrowers without a 20% down-payment. This discussion on PMI, what it is and if you can avoid paying it, should not be missed. [Click Here to Learn More about PMI]

What should I bring to my loan application?

In addition to your checkbook, you will need to bring the following information to the loan application. Your mortgage banker will ask for any additional items pertaining to your situation, if need be. Click Here for a Loan Application Checklist

How do I get a VA loan?

Sellers used to really dislike having a VA buyer, some still do, but if you “package” the offer right, they will welcome you to buy their home! If you qualify for VA financing, it may be the best way to purchase your home. Here’s how to start. Click Here for Steps for a VA Loan

What is a “reverse mortgage?”

After paying off a mortgage for all those years, don’t you think it’s time someone paid you! No joke, it is possible. Perhaps a reverse mortgage is just the answer for that senior citizen. Click Here for information about Reverse Mortgages

Phew! I need a finance glossary!

From A to Z all the finance terms explained in plain English. [Click Here for real estate finance glossary)]

Kristal Kraft

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