With Record Low Interest Rates, Your Dream Home May Be Within Reach!
Curious about the process of qualifying for your dream home? Look no further! We are honored to have John “JJ” Jeffrey (NMLS 201863), a well seasoned lender with Westerra Credit Union explain to us how the whole lending process works. JJ brings over 25 years experience in the lending industry and does such an excellent job explaining how you may qualify for your first home.
Homebuyers looking to buy in Denver just gained more purchasing power with interest rates dropping to historical lows - below 3%. The historical low rates have actually compensated in a big way for the increase in Denver Real Estate prices this year. Homes that may have seemed out of reach to you, may now be within your financial means. This is why we recommend getting prequalified before you begin your home search.
Why does it mean to "get prequalified?"
JJ refers to it as the next best thing as having cash in hand for the purchase of your new home. This means your preferred lender has checked a number of criteria such as credit, employment, income and debt (just to name a few) and is able to purchasing power. Hence, getting prequalified is essentially answering your burning question How much house can I afford within my comfort level? Once you are prequalified, your lender will issue a lender letter to match the offer put together with your real estate agent for your new home. For these reasons, it is inherent that you speak with a seasoned and well versed mortgage lender to learn more.
Why is it so important that I get "prequalified" before looking for a home?
Let's paint the typical situation. Out of complete curiosity and possibly out of boredom during these COVID times, you get on one of the many the home for sale apps and begin swiping through properties. A few properties catch your eye and the price at for example at $395,000 doesn't seem so bad. The app already seems to calculate all costs associated with the purchase of the home. Beware, there are more numbers than the app provides. Then you realize one of the homes is just down the street. Embracing the full, natural, compulsive human emotion that we all have, you request a showing through the app. An agent calls you and shows you and your significant other the home. As if your entire body were to suddenly have a hot flash, you decide you want to buy this home. Let's be real, this is a total cart before the horse situation. In the current Metro Denver Real Estate Market, a prequalification letter is considered a necessity if your offer is to being taken seriously. No letter, no deal. Get prequalified!
We are your resource for information and able to answer all of your lending and real estate questions with just a quick phone call or email! There are many steps to make a real estate transaction successful. We are here to guide you through each step and keep you informed! Both JJ and myself are here to answer any of your burning questions and serve as a resource of viable information! Please feel free to contact JJ (NMLS 201863) at jjeffrey@westerracu.com 303-618-1990 or Chadwick at chadwick@denverrealestatepro.com 720-666-9805 #WesterraCreditUnion #denverrealestateconcierge https://www.denverrealestatepro.com/