Unless you have been living under a stone, I’d like to mention that it is a great time to buy a house. Interest rates are low … really low! In addition, the market in metro Denver is turning. No one ever knows the future with certainty but it sure looks like the market has bottomed out and that prices are starting to rise.
At the same time, I don’t want you to get caught up in a buying frenzy. There are steps we can take to take deliberate and careful advantage of the current window of opportunity. Here are the key elements for success:
Get Pre-Approved (really pre-approved) for a Home Loan
I know it’s a lot more fun to look at houses than to jump through the hoops of getting a home loan. But in today’s market environment, it is critical to get a thorough pre-approval. We may be in a situation where we are competing with other buyers for a house. The buyer with the most solid pre-approval often wins. A pre-approval is more than just a pre-qualification. In a pre-qualification, you tell the lender how much you make, how long you’ve been on your job, how much money you have etc. But for a pre-approval, we go one step further. You actually give the lender documentation on all these things – paystubs, W-2s, tax returns and bank statements. The lender obtains your credit report. All of this puts us in a stronger position when we make an offer. The lender can give the seller greater assurance of your prospects for getting a loan. see more here Transform your thinking when Buying a home in Denver
