Tagged : realtors

You have made the decision and home ownership is in your future. In this series of articles geared towards the first time home buyer we will help you to understand the process of buying a home and working with a Realtor®. Whether you choose my team to assist you achieve your goals or not these articles can also assist you through the process.

The first step is a vital: If you want to purchase your dream home you need to establish your budget, unless you are paying cash you need to speak with a lender and establish the financing which you qualify for. This will give you vital information for your home search including the maximum you qualify for, interest rates and expected payments. These will serve as a guide for your home search.

The metro Denver…

It is natural for Denver CO first time home buyers to want to jump right into the house hunt without really planning out the path to become a home owner. Denver CO First time home buyers will spend hours and even days online looking at homes and plugging the recent interest rates into the available mortgage calculators.

Most people (approximately 95%) purchasing a home require some sort of financing. That makes it very important when buying a home to understand the process for obtaining one. It is also important to know what the difference is between a pre-approval and a pre-qualification.

When a seller receives an offer for their home they automatically understand that there is a desire on the part of the buyer to purchase it. What is not as clear to…

In this article we are going to break down and discuss in a simple fashion the different aspects of a house payment:

Mortgage Payment = Principal + Interest + Property Taxes + Property Insurance + HOA Dues (If They Apply) + Mortgage Insurance (If It Applies)

When purchasing a home, most metro Denver CO home buyers will finance the purchase with a mortgage they have to make payments on. Those payments will usually consist of part principal and part interest.

Interest – The amount allocated to interest each month varies based upon the interest rate and term of the loan.

Principal – A typical loan will have a portion of the monthly payment allocated to reducing the principal balance which allows the loan to eventually be paid off. 

An Item of Note: Many…

This article will break down the closing costs one should be familiar with when purchasing a metro Denver CO home.

Down Payment – The amount of down payment required will vary based upon financing or what the home buyer wants to put down. There are programs I know which have zero down payment from the buyer and some can go to 20% of the purchase price or more. Basically if a buyer purchases a $200,000 home and makes a 10% down payment, the down payment amount would be $20,000.

Costs of Closing – Traditionally called closing costs, these fees include any fees tied to processing the mortgage in addition to fees charged by the title company to process the closing. The specific fees charged by the lender vary and will typically include a origination fee,…

Note: this is a series of articles to educate Denver CO first time home buyers on what they can expect during the process of finding and purchasing their first home. Make sure to read the others in the series as they contain important information.

Insider Secrets? Yes, there are some those which come into play when hunting for your first metro Denver CO home. In this article you will find many insider secrets which are beneficial when searching for your first home and using internet search tools.

One of the primary factors in real estate is location, location, location and one of the newest advanced tools is searching for homes through an interactive map search tool. This allows a home buyer to easily factor in location when searching for a home. 

Home…

Yes, a real estate agent is a sales person, but a Realtor® is more than that. A real estate professional which has an agency agreement with you is there to represent and advocate for your best interests and educate you on tactics that are in your best interest. A Realtor® has the education and industry knowledge along with a fiduciary responsibility to advocate on your behalf which should make a Realtor® the most important tool in your belt.

In most transactions there are two real estate agents involved. One agent is there representing and advocating on behalf of the seller and the sellers best interests. The other is there to represent and advocate the home buyers best interests. Imagine how one-sided the transaction would be if the only agent involved…

Understanding the process of writing an offer and having that offer accepted is a very important part of the home buying process. There is no binding agreement for the purchase until the contract is drawn up, agreed to and signed by all parties. Most home buyers when they start the process are excited about finding the right home, having their Realtor® prepare the offer and getting it in front of the sellers for signatures. Until all signatures are in place there is no agreement. (Anything expected or agreed to in the purchase of a home should be clear and in writing)

Once the buyers and sellers have signed the agreement it becomes legally binding on all parties with both parties having specific performances and deadlines which need to be met.

What is…

You read this guide, followed the steps and are well on your way to owning your first home. Your Denver Realtor® negotiated the terms and the contract was accepted. What happens now?

Among other things first time home buyers in Denver CO will normally get a home inspection completed prior to the inspection objection deadline. Why complete an inspection? Very simply, it is to protect yourself. You want to know the condition of the property you are purchasing and if there are any major issues. Discovery of these issues prior to the inspection objection deadline gives you options to terminate the agreement and protect your earnest money or request the seller to correct any major deficiencies.

What you should know about home inspections:

Professional home…

Here we are back at home loans which we talked about previously and are coming full circle. We are getting near the end of this series. There will be one more installment. Is every little detail covered? There may have been a few which were missed. However should you have questions, it is an easy thing to pick up the phone, call me and ask.

At this point you should have an executed agreement for the purchase of the home you have been dreaming of owning. You already have been pre-qualified and now is the time to work with the lender to complete the underwriting process. If you have not decided upon a lender at this point you should hope that the seller will agree to extend the closing.

A few of the finishing touches you will need to make on financing…

I hear the cheering already as we come to the close of this series on Denver CO First Time Home Buyers. Why? Because we are at the closing table and the end (or beginning) is in sight. You are excited as am I, because another successful first time home buying experience is culminating. You are happy!

You received the HUD statement prior to closing which breaks down the financials of the transaction. You have the number (if any) which you need to bring to closing. Plus you should have already seen the truth in lending statement from the lender.

If an amount is due from you at closing bring a cashier’s check from your bank to closing which is made payable to either yourself or the title company. The HUD has the amount and your Realtor® will clarify that…