Native Denver Area Real Estate Agent & Relocation Specialist RE/MAX Alliance Arvada - Anthony Rael, Denver Realtor

Home Mortgages - How Much Can You Afford? --- www.anthonyrael.realtor

Monthly Average 30-Year Fixed-Rate Mortgages Since 1971
Check out FreddieMac's historical chart

Unlike many things in life that you can shop for to get the "best price", home mortgages are a not so easy.  For one, there are way to many variables that determine what rate you actually qualify for based on your FICO credit scores, how much you earn, your monthly expenses (aka 'debt-to-income') and a few other things.  Be weary of a mortgage company or loan officer who easily starts quoting interest rates and monthly payments over the phone without digging deeper into your situation - otherwise you'll be likely be quoted the absolute lowest rates that only people with perfect credit and a minimum 20% down payment can actually qualify for.

While I strongly encourage clients to shopping for a mortgage loan with at least two companies before signing anything, it's absolutely essential that you do more than simply compare "rates" because predatory lending still exists and you don't want to find yourself falling for a "bait-and-switch" loan program because it will cost you big-time down the road!  I always recommend you work with a local lender - someone you can look in the eye and determine if you like and trust them to handle your loan.  After all, it's the largest financial investment you'll make!

Denver Area Mortgage Broker (New Homes Loans & Refinancing)
  Home Mortgage Alliance - Tiffany Swisher - (303) 327-6689
  Fairway Independent Mortgage - Kari Abt - (303) 489-1205

 

How Do I get "Pre-Approved" for a Loan?
Getting pre-approved 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 or can't write an offer on. Here are a few things you should be prepared to have ready as you start the process:

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 LOAN PRE-QUALIFYING & PRE-APPROVALS

 



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Anthony Rael  |  REMAX Alliance - Arvada  |  5440 Ward Rd., #110  |  Arvada, Colorado 80002  |  303.520.3179
Colorado Association of REALTORS Media Spokesperson for the Denver Region Quarterly Real Estate Market Updates
Denver Metro Association of REALTORS - Chairman of the Denver Metro Area Market Trends Committee

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Anthony Rael - RE/MAX Alliance - www.anthonyrael.realtor - 303-520-3179