Colorado Springs Real Estate

There are many details to buying a home, and as a homebuyer, you can't be expected to remember them all. Pre-qualification sounds like the last step in the mortgage, yet it's only just the beginning. In fact, if you were to rely solely on the results from your pre-qualification it could cause some bigger problems down the road. Though pre-qualification is important, you want to make sure that you are pre-approved before  buying a home in Colorado . Here are a few details that can help you understand the distinction between these two steps. 1st Step: Pre-Qualification When you are pre-qualified, you have completed the initial step in the mortgage process. You will provide your financial information to the bank, including you debt, income, and assets. They will evaluate all of the information, and then the lender can give you an estimated mortgage amount that you could qualify for. Pre-qualification does not examine your credit report or take an extensive lo...

For most of us, buying a home in Colorado Springs would not be possible without the help of a mortgage loan. Since mortgage loans are almost always an integral part of the home buying process, it's important to have a good working understanding of these loans as you prepare to buy a home. As your trusted real estate agent in Colorado Springs , I'm here to help you gain a basic understanding of mortgage loans and how they work. Different Mortgage Types Mortgage loans can be financed through a variety of different lenders and organizations, but there are two over-arching forms: traditional and non-traditional. Traditional Mortgages are typically available for fifteen, twenty, or thirty-year terms and usually require an initial down payment of at least 20%. Nontraditional Mortgages refer to all mortgages that do not meet the description of a "traditional" loan, such as loans adjustable rates or interest-only loans. The type of loan you want will depend gre...