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.
JANUARY 22nd & 30th, 2008
For the
second time in the past nine days, the U.S. Federal Reserve slashed a key interest
rate. 30-year fixed rate
mortgages in Colorado are running 5.375% - 6%. Prices are low and
the selection of homes is plentiful -- Don't miss this opportunity!
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 FOR AN EXPLANATION
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.
Use my
Buyers Toolbox
to find
your next home,
get tips for new home buyer's, information on the
9 Steps to
buying a home in
Arvada,
Broomfield,
Denver,
Golden,
Lakewood,
Northglenn,
Thornton,
Westminster or
Wheat
Ridge
Colorado
and understanding what
buyer
agency is and why you should be represented in a real estate
transaction. You can also use my
mortgage
calculator to see how much home you can afford and explore available
mortgage financing options
and even
sign up to receive the
hottest
new home LISTINGS via e-mail.
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BUYERS TOOLBOX
