Buying a Home – What You Need To Know
Hire a Reputable, Accredited Broker to Represent You
Whatever type of home you’re looking for, Working with an experienced Realtor® means having someone on your side. Why leave anything to chance when you can be confident about your transaction every step of the way. We genuinely believe in our company tagline “because experience matters“… because going it alone can be costly, confusing and just plain out of your realm of expertise. You need to have a professional, qualified broker representing your interests and your needs at every turn.
Fun. Exciting. Scary. Buying a new home is all of these things and more, so being prepared is a must. Good communication with your broker will help with…
- Identifying your biggest priorities in your new home
- Making sure the house hunting process does not become overwhelming or confusing
- Understanding how financing works with a new mortgage.
- Calculating closing costs plus any other fees involved
A RE/MAX of Cherry Creek broker will guide you through all of this to make the buying process smooth sailing and help you find the ideal space that fits your needs.
How much house can you afford?
Click here to use our Mortgage Calculator tool to get a rough estimate for various loan types. Figuring how much house you can afford takes the guessing out of the Home Buying process. Search for homes that fit your financial capabilities from the start and you’ll save yourself time and energy.
Down Payments and Closing Costs
Now that you have a rough idea what type of mortgage you can afford, become familiar with the initial costs of the transaction. A down payment is the money a buyer will need to pay up front to purchase a home. A mortgage lender can provide more specific details for the loan of your choice so you can be prepared for this expense.
Closing costs vary in many ways but typically include origination fees, filing fees, title search fees, bank fees and more. On average, closing costs can range between 2 and 3 percent of the total value of your new home.
The Importance of Being Pre-Approved
Once you’ve determined what price home you can afford and planned for the initial costs, it’s time to get pre-approved. Being pre-approved means you can move forward immediately with the purchase of your new home as soon as you find it. Not only can you proceed with confidence that you are within your financial comfort zone, but you’ll also improve the likelihood of making a successful offer.
What Exactly Are You Looking For?
Only you know what you want. How many bedrooms? What size yard? What neighborhood? What schools? Move-in-ready or needs a little work? Knowing exactly what you’re looking for is an important step and helps you make the best use of your house-hunting time.