Getting your mortgage for your new home

Financing Your Home

After all your research of the many neighborhoods and the various housing options in the Denver Metro area your home purchase is getting closer. You've considered all your needs, both now and for the future. You've looked at schools, parks, shopping areas and your commute to work.

Unless you are in the money, a mortgage is your only means of financing a home. A mortgage is simply pledging of property to a creditor as a security for the payment of debt.

Special programs are offered that will assist the Buyer with their downpayment. Elaine Ashby work's with a lot of various programs that have this possibility. Because these programs are available for Buyers, there really is no need to wait to buy!

The decision to buy a home is one of the most important you'll make in a lifetime. Once you have made that decision, you enter into an area of new considerations. How much of a down payment can you make? What type of mortgage do you need to best suit your current situation? Should it be flexible or fixed?

Based on established experts, your monthly mortgage principal and interest payments, plus property taxes and homeowner's insurance should not exceed 28 percent of your monthly gross income.

The world of real estate and mortgages has a language all its own - a confusing one unless you've gone through the process a few times. Some familiarity with loan and contract terminology can greatly assist your home buying process.

There are basically two kinds of mortgages - conventional and government. The total price of your new home, along with the down payment you are willing and able to pay will determine the type of mortgage you will be able to obtain. Our description of the majority of the available loan programs with help in your decision. Call for more information at 720-635-1651

There are no standard fees on mortgages. With this thought in mind, you should be aware there are some companies that have "junk fees" included in their mortgages. Visit the "Mortgage Professor " to find out more about the fees on your mortgage and how to make sure that you are not spending money you do not need to spend to obtain your mortgage.

Cleaning Up Your Credit

Although it's possible to get a mortgage with a less-than-stellar credit history, it's important that your credit history - whatever it may be - is as accurate as possible. Unless you routinely request credit reports from national credit bureaus, there's a good chance that your credit report contains erroneous information that could slow down your loan approval process.

Lenders recommend checking your credit report anywhere from three to six months prior to applying for a mortgage. Unless you have been denied credit within the last 30 days, you'll most likely be assessed a fee for each report.

Negative credit information stays on your report for seven years and bankruptcies are reported for 10 years. Even with these problems, you shouldn't give up your quest for a mortgage.

Mortgages are available for all financial situations, and with a little shopping you'll find one that is best suited to you.

If you're buying a new home, the builder might be able to recommend mortgage companies. Elaine Ashby is also a good source of information on local lenders.

You may also want to check other sources of financing such as credit unions or savings institutions.

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