BUYERS

Lending

Mortgage loans come in many flavors, and they are not one size fits all.

 

For example if you are shopping for condos, using an FHA loan can limit which properties you can buy. Once we understand what your goals and needs are we try to match you with the lender and type of loan which will make your purchase smoother and easier.  

 

Here are a few myths about mortgage loans we'd like to debunk for you:

 

#1: I should shop for a lender based on the interest rate and fees they offer.

 

Busted: Most rates and fees are comparable between lenders. What matters is working with a lender who sees you as a person and not a file so they are responsive. Someone who will advocate for you if we run into any issues so your loan will get closed on time.

 

In our experience big banks and online lenders stop answering the phone when the going gets tough. Unfortunately, that can lose you a property and put your earnest money deposit at risk.

 

#2: Only first-time home buyers can use FHA or other assistance programs.

 

Busted: FHA is not a first-time buyer loan. The rule is you can only hold one FHA loan at a time. For many assistance programs you don't have to be a first-time buyer as long as you are purchasing a personal residence and don't own another property.

 

#3: I need 20% for my downpayment

 

Busted: When you're buying a personal residence this is not true -- in fact it's not even common. Most buyers put down 3%-5% on their home. Even as an investor you may be able to avoid a larger down payment if you are willing to move into the new property or qualify for a second home purchase. 

 

Talking with a good lender as early as possible will give you the facts about your personal borrowing power and help you take the most effective steps toward qualifying for the right loan.  

 

Looking for a trusted lender? Contact us today to get pre-qualified. It's free and the first step to knowing your buying power.

 

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Denver, Colorado

720.460.1770 | 719.491.4949

james@jamescarlsonrealestate.com

erin@jamescarlsonrealestate.com

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