1) Pre-Qualification Letter
2) Determine Your Home Criteria
3) Set Up Personal Home Search Web Page
4) Tour Homes
5) Determining Value of the Home Chosen
6) Prepare Offer
7) Offer Acceptance
8) The Loan Process
9) Property Inspection
10) Title Work Review
11) Association Documents and Covenants
13) Final Walk Through
Understanding how much you can afford is one of the most important rules of home buying. Depending on your individual situation, your budget can affect everything from the neighborhoods where you look, to the size of the house, and even what type of financing you choose.
Bear in mind, however, that lenders will look at more than just your income to determine the size of the loan. Likewise, you may find that there are some creative financing options that can help boost your purchasing power.
Loan prequalification vs. preapproval
What Factors Are Important To Lenders?
Two Important Ratios
Many lenders use a rule of thumb that the amount of debt you are paying on each month (car payment, student loan, credit card, etc,) shouldn’t exceed more than 36 percent of your gross monthly income. FHA loans are slightly more lenient.
Housing Expense Ratio
It is generally difficult to obtain a loan if the mortgage payment will be more than 28 to 33 percent of your gross monthly income.
Down Payments Make A Difference
Negotiating Closing Costs
When searching for homes for sale in the Colorado Springs real estate market, you want to utilize our area map and neighborhood search tool. We have lots of information and videos to help you navigate areas in Colorado Springs. Whether you are investing in Colorado Springs or buying a home to live in we have realtors selling…
Our home Advice below can help you find the answers to your home buying and selling questions. Simply choose from one of the categories below to display frequently asked questions and answers.
Appraisals & Market Value
Common Q&A About Selling Your Home
Condominiums & Townhomes
Escrow & Closing Costs
Finding the Right Home
Home Inspections & Warranties
Making an Offer
Negotiating and Closing a Good Deal
New Homes & Vacation Homes
Tax Considerations (Check with your tax advisor)
Tenants-In-Common and Co-ops
What You Can Afford
Whom to Contact (How to Buy)
Whom to Contact (Where & What to Buy)