Get Your Buying Questions Answered
How do I know what to look for in a house? Where do I go to get a mortgage? What if I'm not sure I have enough money for a down payment? Buying a home comes with a lot of questions—luckily, I've got answers. Whether it's your first time buying a home or your fifth, it's always a good idea to brush up on some essential knowledge. Browse a few Buyer FAQs, and get some much-needed answers to your questions!
1. Where Should I Start the Process?
- You should always review your finances and set a budget first, then you'll know exactly what price range you can afford. Getting pre-approved is highly recommended. Then, use my handy mortgage calculator to see what a monthly mortgage payment might look like for you.
- Start exploring the unique communities in and around Broomfield to see which is the best fit for you.
2. How Do I Know What to Look for in a Home?
- What you want/need in a home is totally up to you! Take some time to think about location, size, commute times, nearby things to do, and other factors that might be important to you.
- Review home features you want and need, whether it's a two-car garage or an in-ground pool, and use my specialized search tool to narrow things down based on your criteria.
- Need a little inspiration first? Check out a few of my featured listings!
3. Why Should I Use an Agent?
- From guiding you through the legal complexities to showing you around the area to helping you navigate all of the closing paperwork jargon, a good agent will make your home-buying process 100% easier.
- Get to know a little more about what I bring to the table, and see how I can help you!
4. Where and How Can I Get a Loan?
- Mortgage loans are typically available through banks, credit unions, private mortgage companies, and government state lenders.
- Your agent can help connect you with lenders in the area, and you can also shop for lenders on your own. Just be sure to search around and compare rates so you get the best deal. Calling local government agencies can also be a good idea to find out more about programs that might be available to you.
5. What if I Have Bad Credit or No Down Payment?
- There are still options! You might qualify for a federal mortgage program or local home buying assistance program.
- The Federal Housing Administration (FHA) helps home buyers by offering insured loans. This means that if even if the buyer can't come up with payments, the lender will still get their money. Insured loans encourage lenders to work with buyers, even if they have low credit or a low down payment.
- Many state and local governments also offer programs for buyers who meet various standards or are buying in a certain area.
- The Department of Housing and Urban Development (HUD) offers many additional assistance programs to buyers.
6. Once I Find My Home, What Will I Have to Pay Up Front?
- Earnest money: Think of this as the "security deposit" of home buying. It's a small amount that you pay to the seller to show you're serious, and it later goes to your down payment or closing costs.
- Down Payment: Your down payment is a percentage of the overall cost of your home, usually 20%. The amount changes based on the your home's value, and the percentage changes based on any additional aid you might be using.
- Closing Costs: These are typically low for buyers and represent the fees that come with paperwork and lender charges.
7. What Other Costs Will I Pay?
- Other costs will likely include utilities, HOA or condo fees, and property taxes—all of which are usually included in your mortgage payment.
- If you're worried about any additional fees, just ask!
I Still Have Questions!
No problem! Just get in touch with me, and I can answer any of your home buying questions about homes for sale and real estate in Broomfield or its many communities.
Want more information? Learn more about buying a home in Broomfield!