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Wednesday, March 16, 2016

Expert Advice for Denver Home Buyers

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Today I have Jessica Uphoff with me, and she works with Legacy Mutual Mortgage. She’ll be giving us some tips on what buyers can expect from this market and how they can take advantage of mortgage loans available to them.

Jessica says that buyers need to know the difference between a pre-approval and a pre-qualification. A pre-qualification is when you simply speak over the phone with someone about your finances, and it doesn’t solidify anything. Your documents aren’t reviewed, and this essentially means nothing to a seller.

A pre-approval is much more important. This is a much more thorough review of your income and assets. You’ll need one of these if you want to stand a chance in the Denver market.

Jessica also recommends that buyers find a local lender with a good reputation in Denver. She also recommends being prepared, because a lot of documentation will be required on your end. There are lots of regulations involved in lending, and that’s just a fact of life today. 

For more experienced buyers in the Denver market, Jessica recommends getting creative with your down payment. You can take out a 401k loan or research some down payment assistance programs. Everyone qualifies for these but they are income-limited. 

Because the Denver real estate market is so hot, you’ll need to be prepared to act quickly in order to find the home that you want. The sooner you buy, the better off you will be in this market. Interest rates are only climbing higher, so it’s best to lock in a low rate right now.

If you have any further questions, don’t hesitate to contact me!