10 Ways To Prepare For Homeownership In Colorado

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Getting Prepared for Homeownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process. Not all Real Estate Agnets are Realtors.

Have any more questions about homeownership? Contact : Ian Armstrong at (720)-771-7376

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Real Estate Colorado

Fort Collins Real Estate

Under $200,000	$200,000-$300,000
$400,000-$500,000	$500,000-$600,000
$600,000-$700,000	$700,000-$800,000
$800,000-$900,000	Over $1M

Longmont Real Estate:

Under $200,000	$200,000-$300,000
$300,000-$400,000	$400,000-$500,000
$500,000-$600,000	$600,000-$700,000
$700,000-$800,000	$800,000-$900,000
$900,000-$1M	Over $1M

Loveland Real Estate:

Under $200,000	$200,000-$300,000
$400,000-$500,000	$500,000-$600,000
$700,000-$800,000	$800,000-$900,000
$900,000-$1M	Over $1M

Windsor Real Estate:

Under $200,000	$200,000-$300,000
$400,000-$500,000	$500,000-$600,000
$700,000-$800,000	$800,000-$900,000
$900,000-$1M	Over $1M

Boulder Real Estate:

Under $200,000	$200,000-$300,000
$400,000-$500,000	$500,000-$600,000
$700,000-$800,000	$800,000-$900,000
$900,000-$1M	Over $1M

Lafayette/Louisville Real Estate:

Under $200,000	$200,000-$300,000
$400,000-$500,000	$500,000-$600,000
$700,000-$800,000	$800,000-$900,000
$900,000-$1M	Over $1M

Niwot Real Estate:

Under $200,000	$200,000-$300,000
$400,000-$500,000	$500,000-$600,000
$700,000-$800,000	$800,000-$900,000
$900,000-$1M	Over $1M

What Customers Say About Armstrong Real Estate

"Ian Armstrong has made the real estate sales process effortless. He has helped us buy and sell multiple properties over the years. I couldn't be happier with the overall service he has provided." Drew Stipe

"My Family and I have used Ian for years now and have always had a great experience. I continually refer Ian to all of my colleagues." Autumn Todd

"I have bought and sold three properties with Ian and I have had great results every time we work with him. He has successfully helped us sell properties in tough economic conditions"Jeremy & Jennifer Rehnberg

"We were first time home buyers and Ian educated us on the home buying process and made everything very simple and easy to understand. Most importantly he helped us get a great deal by take advantage of the current market and buying a H.U.D. foreclosed property." Dylan & Rachel Metzger

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