Home Buying in Denver>Question Details

Lookingtobuy…, Home Buyer in Denver, CO

First time buying.. Need advice

Asked by Lookingtobuyahouse, Denver, CO Tue Jul 22, 2014

Hi,
My wife and I are looking to buy a house in the Denver,CO area. We collectively make about $140k/year.. I want to know how much I can afford (maximum) to spend on a house. We both have excellent credit scores.. We fully own one vehicle , and another one that we make monthly payments for ... No Student debts either..

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Answers

5
Hi,

my suggestion would actually be to determine which real estate agent you'd like to work with, and then ask them to recommend a mortgage broker.

Agents have lenders and mortgage brokers that they prefer to work with (not because of kick backs, but because they're more reliable and easier to communicate with).
1 vote Thank Flag Link Tue Jul 22, 2014
Your best option is going to be to contact a local Mortgage loan officer. This person will be able to assist you in not only letting you know what the MAX you can afford is but will also be able to give you an idea of what range to stay in for your personal conformable price range because you may qualify for a payment of up to $3000 a month but only want to spend $25000 a month. Please feel free to reach out with any questions.
0 votes Thank Flag Link Fri Jul 25, 2014
Most likely you will be able to qualify for much more then you want to spend. Almost any lender can give you a pre-approval. I would search out a lender that will fully under write you before your process of looking. It makes your offers much stronger. After that I would seriously interview multiple agents.

In my opinion the agent you work with should be able to tell you about the market that you are buying in and educate you with a step by step of what the process of buying will be before you go out in look for a home. This type of meeting usually takes about an hour of your time but you don't go in to the process blind. Feel free to contact us if you need a lender referral or some help with the buying process we would like to work with you.
0 votes Thank Flag Link Thu Jul 24, 2014
Hi!

In order to find out how much you can afford on a house, you should talk to an experienced lender. He or she will be able to tell you your monthly limit including insurance, taxes and interest as well as any programs you may qualify for, that way you can be ready to write a contract when you find the house of your dreams!

Call or email me at anytime and I can get you in touch with a fantastic lender.

Kind Regards,
Caitlin

Caitlin Booth
303-906-4827
Caitlin.Booth@KW.com
http://www.TheBarticGroup.com
0 votes Thank Flag Link Tue Jul 22, 2014
Hi there---

The best way to determine how much home you can afford is to talk to a lender. There are a number of factors that they consider and will give you a good idea which budget would work best for you and the monthly payments you'd expect to make. If you want some referrals, I know few really good mortgage brokers in metro Denver - just shoot me an email at claire@bluebirddenver.com.

For a quick and dirty estimate, you can visit - http://money.cnn.com/tools/houseafford/houseafford.html.

Good luck!

Claire Spahr
KW Advantage Realty
http://www.bluebirddenver.com
claire@bluebirddenver.com
720-989-1362
0 votes Thank Flag Link Tue Jul 22, 2014
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