Buying Your First Home?

Whether you're in search of a starter home or want to make this major purchase only once in your life, starting the process for the first time can feel overwhelming. Knowing some key information about using a loan to purchase your first home can alleviate some of the stress. 

Get Pre-approved
When your ultimate goal is to procure a home loan in Colorado Springs or Denver, you should obtain a pre-approval first. A pre-approval essentially gives you a budget; you know what homes are in your price range. Keep in mind that you certainly aren't required to spend the full amount for which you are pre-approved, and many buyers stay under that number so they don't stretch their budgets too far. Find out when your pre-approval expires so that you can move through the process in a timely fashion. 

Understand Down Payments
You may have heard that you need 20% to buy a house, while that is the ideal scenario for the lender as it reduces their risk, it is not ideal for most buyers. Since Ryan M Nash Home Loans acts as a broker we have access to many products that offer down payments as small as 1-3.5%. Down payment assistance is also available as long as some additional requirements are met. And if you are a VA home buyer in Colorado Springs, great news, you can into a home with NO down payment. 


Interest Rates
When looking at interest rates, it can seem very confusing. All rates that are advertised are based on the best possible credit scenario possible. More often then not, you will not be getting the advertised rate, so don't buy into the hype.

Your interest rate will be determined on numerous factors, which include: the daily interest rate fluctuations, your credit score and the amount of extra money you would like to pay or get credit for toward your closing costs. 

Is it true that some lenders offer better rates then other's? The quick answer is yes. But, this is where I can help, as a broker I can shop you around to numerous lenders and products to see where you are going to get the best rate.  

Rely on your mortgage professional at Ryan M Nash Home Loans to guide you through determining your interest rate. 

Closing Costs
When you go to close on the house, you will also have to pay closing costs. These costs can vary based such factors as on home owner's insurance, taxes and even your interest rate can play a role. These costs can quickly add up into thousands of extra dollars. 

The good news is, you do have options to help cover some or potentially all of your closing costs. These options will be based on your personal situation.  

*Do you have additional questions on the home buying process? Call, text or email anytime, I am personally available day or night.
Phone:  719-629-7401
Email: [email protected]