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Steps To Buying a Home

In Denver Real Estate, Mortgage Rates | on September, 10, 2012 | by | 0 Comments
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Every city and state has different requirements for borrowers wishing to buy a home, and Colorado is no different. For any Realtor in Denver, helping someone buy a home encompasses more than just touring homes and learning about the community. There’s a broader educational component at play. HomeSmart Realty likes to help consumers understand the steps to buying a home in Colorado.

Follow these steps when buying a home in Colorado

  1. Enroll in a homebuyer education course. This is a mandatory requirement of the Colorado Housing and Finance Authority which stipulates that anyone who wants to buy a house in the state has to take this course first. Homebuyers will learn how to select a Real Estate Agent in Denver, CO, how to finance a home, select a mortgage, and understand mortgages. The courses are available online.
  2. A Real Estate Agent in Denver can help buyers choose a lender. Once you’ve finished the homebuyer education course, contact a lender or loan officer in the area to obtain loan pre-approval.
  3. Select and purchase a home amongst the numerous Denver real estate listings. You can use a real estate agent or purchase a home without one. But keep in mind that a real estate agent can help negotiate the sales price on Homes for sale in Denver, explain the terms of the purchase agreement – and even help schedule a home inspection.
  4. A Denver Real Estate Agent can help you submit a loan application. Before shopping for your home or making an offer, you have to fill out a mortgage application. While your lender will give an estimate on how much is needed for a down payment and closing costs, don’t be afraid to ask questions.
  5. Wait for the loan to be processed, which could take four weeks or more.
  6. Get loan approval. Once your loan is approved, the next step is to schedule a closing date with your lender, real estate agent and the sellers. If the lender says you have received “conditional approval,” this means the lender needs more information from you. In order to finalize your loan, get this information to your lender as soon as possible.
  7. Close your loan. Apart from moving in, many regard this as the most exciting moment in the process. The closing usually takes place at a mutually agreed upon location, like the title company, where reams of paper work is signed. Don’t forget to bring a cashier’s check or certified check for any funds needed to purchase the home. You usually find out this amount a few days in advance. This is also the point where the seller turns over keys to the residence, as well as other items like garage door openers and temporary codes for home security systems. Remember to have the utilities put in your name.
  8. Make monthly payments. Now that you’ve settled into your new home, make your monthly payments regularly and on time. A mortgage is a great way to boost your credit score, particularly by making a payment a week ahead of the due date.
  9. Maintain your home. A home is often the single most valuable possession a person will have, and needs regular maintenance to last the course of a lifetime. It’s not only an asset, but a key component in helping homeowners live happy and productive lives.

Buying a home can be challenging, but the process can be simpler to understand and get through if consumers educate themselves, use common sense, and take to heart advice from professionals who understand Real Estate in Colorado.

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