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.

MONTHLY MORTGAGE PAYMENT CALCULATOR

*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.

Denver Area Mortgage Lenders
 Ashley Hickmon, Crestline Mortgage - 303-669-8454
 Bruce Jordan, Cherry Creek Mortgage - 720-242-7675
 Tony Rivera - Bank of the West - 720-205-1900

 

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

If you have any questions about this mortgage calculator or just want someone to talk to about the whole process without any pressure or obligation, call me at 303.520.3179 and I'll be happy to meet with you.

* THE BENEFITS OF OWNING A HOME *

If you would like to sit down for coffee and discuss the Denver Real Estate market, just call me anytime at 303-520-3179.  Anthony Rael, Metro Brokers Arvada-Northwest offers professional & trustworthy real estate services to buyers & sellers throughout the Denver metro area including Arvada, Brighton, Broomfield, Denver, Golden, Highland/Sloan's Lake, Highlands Ranch, Lakewood, Littleton, Louisville, Longmont, Thornton, Westminster, Wheat Ridge, Adams County, Denver County & Jefferson County.

Leverage my life-long knowledge of the Denver Metro area - from homes, condos, lofts or investment properties, new homes builders, schools & local amenities to reliable & trustworthy business partners like mortgage brokers & home contractors to maximize your investment, secure your future and realize the home of your dreams.