How Much Home Can You Afford in the Denver Colorado Real Estate Market?
Most home buyers don't really know what they can and can not afford to
spend on a home. Why? Because the amount of money you will actually pay on your mortgage each month depends on more
than just the amount of your mortgage loan. The interest rate and term of loan
must
also be considered.
Don't be fooled by some of the mortgage calculators out there - they are
only quoting you the principle & interest payment (P&I). It's
extremely important for you to factor in other monthly homeowners fees
such as taxes, insurance and homeowner association fees (HOA's)
to get a more accurate estimate* of what you total house payment will be.
If you have any questions, just call.
*The calculator above is provided as a tool to help you determine the total payment
that you might possibly qualify for.
Use of this tool in no way guarantees a loan amount or payment amount that you will
qualify for.
Depending on your loan and down payment, you may be required by the lender
to carry mortgage insurance (MI) which can increase your overall monthly
mortgage payment.
Denver Area Mortgage Lenders / Mortgage Brokers
Pre-Qualifying for a Loan
Getting pre-qualified for a home loan is an essential part of the home
buying process. It helps prevent you from looking at and falling in
love with properties that you simply can't afford.
The pre-qualification process
is relatively painless and can be done over the phone in about 10-minutes
with reputable mortgage loan officer. Be prepared to be open and honest
about your financial situation and provide complete information.
Once you decide to apply for a home loan, this is the information you will
need to get together for your loan application:
1.
W-2's for the past 2 years
2. Most recent paycheck stubs covering
the last 30 days
3. Residence addresses for the past
2 years
4. Names & addresses of each employer
for the past 2 years
5. Last 2
months bank statements for all checking/savings accounts
6. Names, addresses, account #'s &
monthly payments on all open loans
7. Addresses of any other real estate
owned
8. Loan information on all real estate
owned
9. Money for credit report and
appraisal
10. Landlord names and addresses -
past 2 years
11. FHA loans: Photo ID and Social
Security card
What is the difference between pre-qualifying and pre-approval?
CLICK HERE TO LEARN MORE ABOUT PRE-QUALIFYING & PRE-APPROVALS
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If you're thinking of buying, selling or relocating to the
Denver Metro area,
call Denver Realtor Anthony Rael at (303) 520-3179
