Fort Collins.& it's surrounding areas in Northern Colorado and beyond.
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Understanding Your Buying Power
4 Numbers That Determine How Much House You Can Afford.
1. Credit score Your credit score is one of the most basic ways a lender can determine your ability to pay your loan on time every month. Five key factors influence your score, each varying in importance: payment history (35%), amounts owed (30%), length of credit history (15%), credit mix (10%), and new credit (10%). 3. Debt-to-income ratio
Making a nice, steady income is great, but not everything when it comes to determining your mortgage eligibility. Lenders want reassurance that you’ll be able to pay your mortgage in addition to all other outstanding debts currently in your name. To do this, they will look first at your front-end ratio, or housing ratio — your monthly housing payment (including insurance, interest, taxes, and PMI, if applicable) divided by your monthly income. The general rule of thumb is to keep this at or below 28%. |
2. Down payment There are plenty of benefits to the often-repeated 20% rule of thumb, in which you come up with 20% of the home sale price in cash. Putting this much money (or more) into a down payment can eliminate the need for private mortgage insurance (PMI), and allow you to negotiate for a lower interest rate, and, in competitive markets, could place you above the competition. 4. Assets
A lender’s biggest concern is always whether the borrower will have the income coming in and the financial resources already on hand to stay up to date on payments, regardless of other financial storms they may be weathering. Therefore, you will be required to provide documentation of assets showing where money for the down payment is coming from and what your savings and investments currently look like. The bigger your cushion, the more likely lenders will think you can afford all mortgage costs and fees, and all other home-related financial obligations afterward. |
Rocky Will Find The Perfect Home For You, At A Price You Can Afford
< $350,000The most competitive market in Northern Colorado sits at this budget but we fight to provide excellent know-how to getting you in your new home efficiently and quickly, at or below market value. These homes sell fast, so buyers in this range should be ready to move swiftly.
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<$600,000While still competitive, homes in this budget may offer you the opportunity to browse available homes at a more relaxed pace.
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Luxury HomesWith booming new construction, homes with large properties & farmland and Old Town historical gems, finding a luxury home is a breeze in Northern Colorado with Rocky on your team.
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Working With RockyRocky understands the importance of providing a "one stop shop" to new and seasoned homebuyers. Rocky works hard to ensure efficiency and expedited sales and purchases. His fresh outlook provides a more authentic approach than the old "used car salesman" style you've experienced before. In the current client, the market dictates we move swiftly making Rocky's style perfect for getting you into your new home NOW.
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Our Customers Come FirstWe'll walk you through the process from start to finish, setting you up with trustworthy lenders, and even transaction coordinators. Rocky will go that extra mile to get you in the home of your dreams.
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