Your Guide to Understanding Mortgages
Let's face it—mortgages are no walk in the park, especially for first time buyers. If you're feeling a little overwhelmed, we're here to help streamline the process!
Brick and Main Real Estate has teamed up with Adam French, Senior Mortgage Loan Originator of the Elite Financial Team, to answer all of your burning questions. Ready to get started? Here are all the details you need to know as you shop for your next mortgage.
You'll know what you can afford
No matter how much you think you can spend on your home, it's crucial to set a budget from the get-go. Luckily, getting pre-approved by your lender of choice will help you gauge the proper price range for your new place.
It gives you more negotiating power
When you're buying in a market as competitive as Denver's, every advantage matters. Having a pre-approval letter shows sellers that you're serious—which means they're more likely to accept your offer.
It makes your offer more relevant
When a seller knows that your information has been reviewed by a certified mortgage underwriter, they'll feel more confident proceeding with the sale. They won't want to waste time with unqualified buyers!
It will help you save, not spend
Buying a home is a fun process, but you might get caught up in all the excitement and start dreaming a little too big. Having a pre-approval letter means you'll have all the financial information up front...so you'll probably stick to your budget.
You'll get the keys faster
Getting pre-approved is the easiest way to streamline the entire moving process. If you're looking for a speedy closing, you'll want to have that letter on-hand as soon as possible!
Adam French, Senior Mortgage Loan Originator with Elite Financial Team
Whether you're looking to get pre-approved or just have a few question, you'll feel at ease after talking to Adam! He's our go-to expert on all things mortgages, and as a Denver native, he has the info you need to make the right choice.
Ready to chat about mortgages? Most buyers need one, and there are a lot of options that vary greatly—but there's definitely something out there to suit your needs. If you're not sure where to start, we've broken down the basic types and components of home loans for you so you can get a feel for what you're looking for.
Types of Mortgages
Mortgages aren't a "one-size fits all" deal...but there are four common types that most buyers prefer.
There are four main components that go into a mortgage payment, and they're often abbreviated as "PITI."
Many buyers believe that they don't have many options when it comes to mortgages, but that couldn't be further from the truth! There are plenty of factors to consider as you shop for the right loan and lender, and it's crucial to search for the best deal.
Don't just go with the first lender you find—be sure to check out all of your options and compare the pros and cons of each loan. Not sure what's available to you? Don't worry—we can help with that!
Ready to jump into the world of Denver real estate? We're here to help! Feel free to reach out to Brick and Main Real Estate for all of your buying or selling needs. We're proud to offer you one-of-a-kind financial services, as well as a personalized approach to the home-buying process. Feel free to reach out to us with any questions—we'd love to meet up for coffee and chat about your options.