Simpson smacks himself in the forehead every time he says it: DOh!!!
When it comes to knowing how mortgage basics have shifted
in today’s changing banking environment, few of Denver homebuyers have kept current enough to avoid
meriting that kind of forehead slap. It’s no wonder. The average family delves
into the real estate market no more than once every five to seven years, so
they don’t worry about getting a mortgage day in and day out. It’s my job as
agent to bring clients up to speed throughout the buying process, which often
begins and ends with getting a mortgage in CentennialCherry Hills Village or
the most common current misconceptions: If
you are among those believing that all lenders are legally required to charge
the same fees for credit reports and appraisals…DOh! In order to
create more competitive lending quotes, some banks waive all charges for these
services. And other lenders may charge higher fees for the same services – all
of which is why it’s so important to speak with multiple lenders. When a couple
is getting a mortgage jointly, do
you (like so many) believe the primary borrower with the highest score will be
considered the main applicant? DOh! Lenders usually take the middle score of each spouses’ three scores, and use
the lower of the two in determining the offered interest rate.
The lesser creditworthy spouse has the greatest effect on the monthly payment. The
real estate slump from a few years back has many believing that getting a
mortgage in CentennialCherry
Village (or anywhere else) will require at least a 20%
down payment. Sound like you? If so (you guessed it): DOh! With
as little as 3.5% down, buyers can often qualify for a mortgage through the
FHA, available to everyone meeting the minimum lending requirements. Other loan
programs are offered through other agencies like the Department of Veterans
Affairs (VA) and the Department of Agriculture (USDA).
Thinking getting a mortgage in CentennialCherry Hills Village or
Greenwood Village anytime soon? Getting approved is Step One in
the buying process — if you’re ready to get going, make the next call to me
today! Jason Peck is part of the
Carr Peck & Associates at Keller Williams. He has been recognized locally
and nationally as in expert in real estate. Locally he is 6th in Denver
Metro home sales out of 5,000 agents and has been recognized by the Wall Street
Journal and Real Trends as one of the top selling agents in the country.
He is co-author of the National Best Selling Book, “The New Rise in Real
Estate”. For more information feel free to contact
him or call 720-446-6301.
Photo provided by www.ocspeakersbureau.com
Author:Jason Peck Phone: 720-446-6301 Dated: August 5th 2013 Views: 4,665 About Jason: ...
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