First time buying a home?
1. Determine how much you can afford
No one knows your finances like you. A good rule of thumb is to spend no more than 30% of your household income on your housing payments. However, because of the cost of housing in Colorado many people spend close to 50% of their income on housing. Use the mortgage calculator here to give you an estimate.
2. Get pre-approved
There are many lender options in the area. I am happy to provide you a list of options and make a referral if requested.
From Investopedia:
Getting pre-approved is the next step, and it's much more involved. "A pre-qualification is a good indication of creditworthiness and the ability to borrow, but a pre-approval is the definitive word," says Kaderabek.
You must complete an official mortgage application to be pre-approved, and you must supply the lender with all the necessary documentation to perform an extensive check on your financial background and current credit rating. The lender can pre-approve you for a mortgage up to a specified amount after reviewing your finances. You’ll also have a better idea of the interest rate you’ll be charged on the loan at this point, because this is often based in part on your credit score, and you might even be able to lock in an interest rate. Some lenders charge an application fee for pre-approval, which can amount to several hundred dollars.
You'll receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. This obviously puts you at an advantage when you’re dealing with a seller, because you’re one step closer to getting an actual mortgage.
3. Find a real estate agent (Done!)
I am a licensed Broker Associate (Real Estate Agent) in the state of Colorado. I am also a REALTOR®. REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
I have extensive knowledge of the local market and have lived in the area for most of the last 30 years. Click here to learn more about me.
4. Find a home you love
I will help you find the perfect home and set up showings at times convenient to you. Please use listing services like the MLS, Zillow, Realtor.com to assist in your search. I will notify you of homes that fit your search parameters as soon as they hit the market through the Aspen/ Glenwood MLS. Link here to search active listings.