If you are just beginning your journey into owning a home in the Greeley Colorado Real Estate market or Weld County I suspect you've been online on the home search websites looking at homes.  Maybe you've been onto the mortgage websites and played with their mortgage calculators.  Some of the calculators are pretty good and include most everything that will be part of your payments.  Some aren't. 

I was talking to a fellow I know not long ago and he and his wife were thinking about buying their first home.  He said we can afford a $1500 payment. 

I really don't like when people look at buying a property that way.  Please look at the price not the payment.  That's how car salesmen try to sell you the most expensive car you can buy when you are negotiating on payments.  Why should you buy a house that way. 

The first thing a new home buyer in Greeley Colorado might not realize about their mortgage payment is that it doesn't only just include the mortgage payment.  It usually includes the taxes and the home insurance as well.  Mortgage companies pay these for you so they include this in the mortgage payment.  They do this so they can make sure the insurance is getting paid and the real estate taxes are getting paid. 

So if you can afford a $1500 payment remember that some of that is going to be for insurance and taxes. 

Another  thing to know as a first time buyer in Greeley Colorado is that mortgage lenders will qualify you for a certain loan amount not the monthly payment.  It all is part of a formula they look at.  Also remember you don't have to buy a house for the amount that you are qualified for.

That you can afford a $1500 payment is part of the equation.  They also will look at your credit scores, your documented income.  Payment history, future income,  your job history, your current debts.

Plus anymore you have to have some downpayment money.  The days of 100% loans disappeared a little less then a year ago. 

After you've been to visit a lender and they prequalify you that is when you can seriously go and look at homes. 

Depending on the kind of loan you can qualify for you might have to narrow down the types of homes you can look at.  For example if you are going to be using an FHA mortgage loan you will have to find a home that is in the right condition.  If you are going to use a traditional FHA loan and find a house that needs some repairs like a new furnace, new roof, new paint, you probably won't be able to buy that home with an FHA loan.  Even if you say you have the money and will fix it up. 

It is somewhat tough to get a mortgage today even if you have great credit and income.  The video below is a CBS morning show report on what it's like to get a mortgage.

I myself don't do mortgages as I don't believe it is in the buyers best interest for their Real Estate agent to be their mortgage broker as well.  I would be more then happy to point you in the direct of a couple of good lenders that don't have outrageous fees, will communicate and get the job done. 

If you are looking to buy a home in the Greeley Colorado Real Estate market you can visit my website at www.greeley-weldcountyhomesforsale.com for more information including an MLS Search that doesn't require you to register your information to look at homes.  This search is right off of the Northern Colorado MLS system.  You can also find the same MLS search at coloproperty.com.

If you have real estate questions you can call me at 970-302-1233 or just send me an e-mail using the form below. 

Marc Oster

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