LENDING

**If you need a referral to a lender, let us know. We have a few we really like.**

Talking to a lender is a great first step when buying a home. You can't start looking for homes if you don't know what you qualify for. But there are some misconceptions about lending.

 

Here are a few myths about mortgage loans we'd like to debunk for you:

 

#1: I should shop for a lender based on the interest rate and fees they offer.

Busted: Most rates and fees are comparable between lenders. What matters is working with a lender who sees you as a person and not a file so they are responsive. Someone who will advocate for you if we run into any issues so your loan will get closed on time.

 

In our experience, people have more success with local lenders.

 

#2: Only first-time home buyers can use FHA or other assistance programs.

 

Busted: FHA is not a first-time buyer loan. The rule is you can only hold one FHA loan at a time. For many assistance programs you don't have to be a first-time buyer as long as you are purchasing a personal residence and don't own another property.

 

#3: I need 20% for my downpayment

 

Busted: Most buyers put down 3%-5% on their primary residence (aka, home they will live in).

 

Even as an investor you may be able to avoid a larger down payment if you are willing to move into the new property or qualify for a second home purchase. 

BUYERS

THE BUYING PROCESS

QUESTIONS TO ASK AN AGENT

LENDING

NEIGHBORHOODS

WHAT SHOULD I OFFER

PREPARING FOR YOUR MOVE

CLASSES FOR BUYERS

Contact Us

BUYERS

Property search tips

Getting out to see properties is one of the more fun parts of the buying process, but it takes time and effort. Here are a few tips to help you make the most of your property search.

 

Schedule in advance

Contrary to popular belief, we realtors don't have magic keys to get into any building at any time. We need to request appointments and get permission and lockbox codes.  Sometimes that can be done online, other times by phone, and it can take up to 24 hours to get approval, especially when tenants are involved.  While we will always do our best to get into that amazing property that just popped up, the earlier you get us your list, the more efficiently we can plan your tour. 

 

Take photos and notes

Touring five homes can be confusing, let alone ten in one day. Those funny nicknames they give out on HGTV have a purpose.  You're much more likely to remember the "purple carpet house" than 123 Main St. Your broker should provide you with a list of the addresses. Make a note of what order you see them in, give the house a nickname, take video and photos and you'll be able to review them more easily when you get home.

 

Be ready to write offers

A lot of buyers fall in love with the first house they see, but are scared to write an offer on it. In this market comparison shopping will result in missing out on properties.  By reading through your property search emails, you can familiarize yourself with the market and feel more confident about prices and what's available. Other ways to be prepared are reviewing contracts in advance and keeping paperwork up to date with your lender.

 

 

Contact us today to start your home search.

CONTACT US

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789 Clarkson St.

Denver, CO 80218

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1225 E. Platte Ave.

Colorado Springs, CO 80909

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ERIN SPRADLIN

719.491.4949

erin@erinandjamesrealestate.com

JAMES CARLSON

720.460.1770

james@erinandjamesrealestate.com