If you are looking for Denver homebuyer help, I just wanted to pass along a few tips to help you be prepared to enter the new more stringent lending arena. When you are considering your Denver Real Estate financing, nothing is more important than knowing the ins and outs up front. Here are my best denver home loan tips:
- Work on your credit score! Today, a FICO between 680 and 720 is fair. A very good score is 760 or above. Review your credit report line by line as there may be errors which impact you. Pay all of your bills on time and don’t cancel any credit cards or make any new purchases.Although you may conduct all your banking on-line, print hard copies of all recent statements when ready to meet your lender. Be ready with three years of tax returns, employment verification, and as much in cash reserves as possible.
- Before you even look at homes, get mortgage pre-approval! Using online mortgage calculators are a decent guideline but every borrower is different. In the hands of a reputable lender you will be assessed appropriately and will be able to look at homes with a realistic “license to shop!”
- As far as closing costs, 3 percent of the purchase price is a rule of thumb but we will discuss that in concert with your lender so you are completely prepared for this expense. There are also “seller and builder paid” closing cost options out there as well.
- Never skimp on home inspections of any kind! Do your research and get solid recommendations on which inspector to hire to make sure the home you think you are buying is the home you are buying!
One of my jobs is to help you through this process. It is not as easy to navigate as it once was. If you have all your facts and data straight, however, you will find the experience much less stressful! Please call if you have any questions!