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colorado mortgage
Call Today For A Free Consultation 970-241-4453
Call Today For A Free Consultation 970-241-4453
Let us guide you through the mortgage process. Our professionals make it a simple and easy process.

colorado mortgage
Let us guide you through the mortgage process. Our professionals make it a simple and easy process.

colorado mortgage

Home Buying Steps

Watch A Video From HUD

 

Step 1:  Getting Started

The first step to owning your own home is to ask yourself, “Am I ready to be a homeowner?”  If you plan to live in the same place for more than two or three years, buying a house is a great way to invest in your family’s future.  You need to have a steady job so that you can make your house payments without sacrificing the things that are truly important to you.  You also need to be able to save a little money each month because when you own your own house you will have to pay for repairs and upkeep from time to time. The best way to start this process is to meet with a housing counselor or take a homebuyer education class.  These services are free, and there is a list of non-profit organizations that can do this for you at the end of this brochure. 

 

Step 2:  Finding the Right Lender

Many people only talk to one lender when buying a house, but they may go to several stores to find the best price on a computer or a pair of shoes.  You can decide what the best loan is for your       particular situation if you compare several different lenders (there are many different kinds of loans, and different lenders will have different fees and interest rates.) 

 When you meet with a lender, they will “pre qualify” you for a loan.  They will ask you how much money you have, how much money you make, and how much money you owe for things like credit card and car payments.  They will look at your credit history to find out if you have any open collections, and see if you usually make your payments on time.  Based on this information, they will tell you how much money they will lend you.  This does NOT mean it is a good idea to borrow the maximum amount unless you are sure you can make the monthly payments, and that the payments will not go up on you.  Unfortunately, there are many lenders who will take advantage of people who are buying their first house, so here are a few things to pay attention to when choosing a lender: 

  • They should explain which loan is best for you and why, offering the pros and cons of the loan product.
  • What is the Interest Rate & Annual Percentage Rate?
  • What are the Discount Points and Origination Fees?
  • What are all the costs?
  • Will the lender gaurantee the GFE?
  • Do you offer loan rate locks?
  • Are you able to approve loans in-house?

Step 3:  Working with a Realtor to Find Your New Home

After you and your lender decide how much money you want to borrow, you can begin looking for a house that falls in your price range.  Of course, you could try to find a house on your own, but real estate agents specialize in finding just the right house for you, and as the buyer, they work for you at no cost to you (the person selling you the house has to pay their commission.)  Your realtor also acts as your advocate to help you negotiate a price with the seller.  To have a realtor work for you, you need to sign an agreement saying that they will be your realtor for a specific amount of time (for 2 months, for example.)  You and your realtor need to work well together, so if setting up the agreement is difficult, it is a good sign that you need to find a new realtor.  If you don’t know any realtors, your lender will know several that have helped out their clients in the past. A good realtor will pay close attention to the things that you are looking for in your new home, so you will need to come up with a list of things that are important to you and your family. For example, is it more important that you are in a good school district, or that your house has a big backyard?  Would you rather have an extra bedroom or a garage?  Beware of realtors that show you houses that don’t fit your specific needs, but remember that this is your first house, and you might have to make a few sacrifices to stay within your budget.  After a few years, you may be in the position to sell your house and move into a nicer one.  Once you find a house you are ready to buy, your realtor will draw up a contract that nails down the price and the closing date.  This gives you a deadline to complete the rest of the homebuying process.  At this time, you will need to put down a deposit on the house called “earnest money” so that the seller won’t offer the house to anyone else while you are in the process of getting your loan.  A typical earnest money deposit will range from $500 to $2500 depending on the price of the house.  When negotiating the price of the house, it is common to ask the seller to pay some of the fees associated with getting your loan.  You can also ask the seller to make minor repairs at this time.  If you have money saved up to cover these costs, you can usually get the house for less than the price they are asking. 


Step 4:  Processing Your Loan

Now that you have a house under contract, it will usually take about a month to inspect your home, get an appraisal to determine the house’s value, and take care of all the paperwork for your loan.  Even though it is not required, it is ALWAYS a good idea to get a home inspection from a licensed inspector.  This service will cost you from $150 to $250, but it will be the best money you have ever spent because the last thing you want is to buy a house only to find out that the foundation is unstable or that the roof is caving in.  It is a good idea to be there with the inspector so they can show you important features of your house such as the location of electricity breakers, water shutoff valves, etc.  If the inspection is satisfactory, the lender will have your house appraised to make sure that it is worth the amount that you are paying.  If the appraised amount is less than your purchase price, you can cancel the contract and receive your deposit back or re-negotiate the price. You will need to pay for this appraisal, (unless the seller agreed to pay for it) and this will cost about $350.  During this time, your lender will need you to sign several documents that “lock in” your interest rate and confirm all the specifics of your loan.  You will also need to show them proof of your income and assets, usually by bringing in pay stubs, tax returns, bank statements, and anything else they need to prove that you are qualified for the loan.  This is also the time you need to set up homeowners insurance (it will be required by the lender.)  This protects you in case of fire or natural disasters, and many people get their homeowner’s insurance from the insurance company that they use for their car insurance because you can usually get a better deal by having two policies through the same company.  In this processing period, the lender will be checking on your employment status, your credit status, and your bank balances, so you need to use common sense to not do anything to jeopardize your loan.  For example, don’t buy furniture on credit, skip your car payment, quit your job, etc. 


Step 5: Closing

The big day has finally arrived!  You will meet with the seller, the Realtors, and the lender.  There will be a whole stack of documents to sign, but your lender should check all of the figures and the title company’s closing agent will explain everything you sign.  You will get a letter showing what your monthly payment will be, and then they will hand you the keys to your new home

Watch A Video From HUD

 

Step 1:  Getting Started

The first step to owning your own home is to ask yourself, “Am I ready to be a homeowner?”  If you plan to live in the same place for more than two or three years, buying a house is a great way to invest in your family’s future.  You need to have a steady job so that you can make your house payments without sacrificing the things that are truly important to you.  You also need to be able to save a little money each month because when you own your own house you will have to pay for repairs and upkeep from time to time. The best way to start this process is to meet with a housing counselor or take a homebuyer education class.  These services are free, and there is a list of non-profit organizations that can do this for you at the end of this brochure. 

 

Step 2:  Finding the Right Lender

Many people only talk to one lender when buying a house, but they may go to several stores to find the best price on a computer or a pair of shoes.  You can decide what the best loan is for your       particular situation if you compare several different lenders (there are many different kinds of loans, and different lenders will have different fees and interest rates.) 

 When you meet with a lender, they will “pre qualify” you for a loan.  They will ask you how much money you have, how much money you make, and how much money you owe for things like credit card and car payments.  They will look at your credit history to find out if you have any open collections, and see if you usually make your payments on time.  Based on this information, they will tell you how much money they will lend you.  This does NOT mean it is a good idea to borrow the maximum amount unless you are sure you can make the monthly payments, and that the payments will not go up on you.  Unfortunately, there are many lenders who will take advantage of people who are buying their first house, so here are a few things to pay attention to when choosing a lender: 

  • They should explain which loan is best for you and why, offering the pros and cons of the loan product.
  • What is the Interest Rate & Annual Percentage Rate?
  • What are the Discount Points and Origination Fees?
  • What are all the costs?
  • Will the lender gaurantee the GFE?
  • Do you offer loan rate locks?
  • Are you able to approve loans in-house?

Step 3:  Working with a Realtor to Find Your New Home

After you and your lender decide how much money you want to borrow, you can begin looking for a house that falls in your price range.  Of course, you could try to find a house on your own, but real estate agents specialize in finding just the right house for you, and as the buyer, they work for you at no cost to you (the person selling you the house has to pay their commission.)  Your realtor also acts as your advocate to help you negotiate a price with the seller.  To have a realtor work for you, you need to sign an agreement saying that they will be your realtor for a specific amount of time (for 2 months, for example.)  You and your realtor need to work well together, so if setting up the agreement is difficult, it is a good sign that you need to find a new realtor.  If you don’t know any realtors, your lender will know several that have helped out their clients in the past. A good realtor will pay close attention to the things that you are looking for in your new home, so you will need to come up with a list of things that are important to you and your family. For example, is it more important that you are in a good school district, or that your house has a big backyard?  Would you rather have an extra bedroom or a garage?  Beware of realtors that show you houses that don’t fit your specific needs, but remember that this is your first house, and you might have to make a few sacrifices to stay within your budget.  After a few years, you may be in the position to sell your house and move into a nicer one.  Once you find a house you are ready to buy, your realtor will draw up a contract that nails down the price and the closing date.  This gives you a deadline to complete the rest of the homebuying process.  At this time, you will need to put down a deposit on the house called “earnest money” so that the seller won’t offer the house to anyone else while you are in the process of getting your loan.  A typical earnest money deposit will range from $500 to $2500 depending on the price of the house.  When negotiating the price of the house, it is common to ask the seller to pay some of the fees associated with getting your loan.  You can also ask the seller to make minor repairs at this time.  If you have money saved up to cover these costs, you can usually get the house for less than the price they are asking. 


Step 4:  Processing Your Loan

Now that you have a house under contract, it will usually take about a month to inspect your home, get an appraisal to determine the house’s value, and take care of all the paperwork for your loan.  Even though it is not required, it is ALWAYS a good idea to get a home inspection from a licensed inspector.  This service will cost you from $150 to $250, but it will be the best money you have ever spent because the last thing you want is to buy a house only to find out that the foundation is unstable or that the roof is caving in.  It is a good idea to be there with the inspector so they can show you important features of your house such as the location of electricity breakers, water shutoff valves, etc.  If the inspection is satisfactory, the lender will have your house appraised to make sure that it is worth the amount that you are paying.  If the appraised amount is less than your purchase price, you can cancel the contract and receive your deposit back or re-negotiate the price. You will need to pay for this appraisal, (unless the seller agreed to pay for it) and this will cost about $350.  During this time, your lender will need you to sign several documents that “lock in” your interest rate and confirm all the specifics of your loan.  You will also need to show them proof of your income and assets, usually by bringing in pay stubs, tax returns, bank statements, and anything else they need to prove that you are qualified for the loan.  This is also the time you need to set up homeowners insurance (it will be required by the lender.)  This protects you in case of fire or natural disasters, and many people get their homeowner’s insurance from the insurance company that they use for their car insurance because you can usually get a better deal by having two policies through the same company.  In this processing period, the lender will be checking on your employment status, your credit status, and your bank balances, so you need to use common sense to not do anything to jeopardize your loan.  For example, don’t buy furniture on credit, skip your car payment, quit your job, etc. 


Step 5: Closing

The big day has finally arrived!  You will meet with the seller, the Realtors, and the lender.  There will be a whole stack of documents to sign, but your lender should check all of the figures and the title company’s closing agent will explain everything you sign.  You will get a letter showing what your monthly payment will be, and then they will hand you the keys to your new home

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Unifirst Mortgage
NMLS# 333096
604 25 Road 
Grand Junction, CO 81505 
Phone: 970-241-4453
Fax: 970-263-5214
more locations
Privacy Statement

Licensed by the PA Dept of Banking
Regulated by the CO Division of Real Estate

Unifirst Mortgage
NMLS# 333096
604 25 Road 
Grand Junction, CO 81505 
Phone: 970-241-4453
Fax: 970-263-5214
more locations
Privacy Statement

Licensed by the PA Dept of Banking
Regulated by the CO Division of Real Estate