Colorado Home Buying
The “Rocky Mountain State” continues to have a love affair with new home construction. Boulder builders such as Prana Construction dominate the new construction market. Also, Aspen Country Homes and Baywood Homes, Inc. are creating new communities in Colorado Springs. First time home buyers and those interested in real estate investing are snapping up new and existing properties thanks to ample choices in nearly every city.
With Colorado buyers scrambling to either purchase a new home or refinance their existing home, mortgage lenders and mortgage brokers are working closely with borrowers to ensure they qualify for a mortgage loan. In the past, borrowers could qualify for a mortgage loan with a credit rating of 600 and above, however today anything above 700 is considered a decent credit score. Also, Colorado mortgage lenders and brokers require full income, asset and debt documentation, along with verification during the mortgage process and immediately before closing. Also, borrowers should assess how much house they can afford using mortgage calculators or a home purchase calculator.