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My Approach: Listening, Observing, Dialoguing

Resources for Buyers

Purchasing a home is an exciting experience whether it’s your first time or your fourteenth: many questions arise that require answers and, as your Realtor, I will shepherd you through the process.

  Denver Collection: A Visit to Montclair by Barbara Froula
Denver Collection: A Visit to Montclair by Barbara Froula

As your partner and ally in the buying process, I preview properties, show you selected homes or lofts, write an offer, and negotiate on your behalf. Once you are under contract, I’ll continue to assist you from inspection to appraisal until we meet at the closing table and you receive the keys to your new place!

My Approach

First, we dialogue — you talk, I listen. Second, we select properties that fit your criteria and budget — from the multi-listing, the Internet, and other sources. Third, we tour — you look, I listen and observe. Fourth, we dialogue some more — your impressions and feedback are crucial in narrowing the field. Fifth, we tour more properties — we tour until we find just the right place.

“Nina found the perfect oasis in the city for us, and she's a joy to work with. We recommend her to everyone.” ~ Lydia, writer

The Purchasing Process

This section will familiarize you with the overall steps involved with purchasing a home. I provide links to helpful websites and encourage you to peruse them. For experienced buyers, these resources are a refresher; for first timers, they’re invaluable.

Get a Loan

An important first step in finding a home is to know your price range. In the Denver area, there are many wonderful neighborhoods and different price points. Assuming you want a loan, talking to a Lender early is the process is helpful. You can get a better picture of your financial leverage and gain a better understanding of the criteria for loan approval.

Here are some of the things your Lender will do:

  • Run a credit report to make sure there are no surprises in your credit history and see what your credit rating is.
  • Analyze your current financial situation: where the money comes from and where it goes to.
  • Assess how the home purchase will affect your budget.

Aspects of the Process:

“Pre-Qual” Letter or “Lender letter”
Your lender will write a pre-qual letter stating that based on what you have told him/her over the phone, you are prequalified for “x” dollars. This letter is sufficient to accompany an offer to buy a property, but it is not a loan approval or loan commitment.

Mortgage “Products”

After you've gauged your financial situation and spoken with a Lender for
a “pre-qual letter”, it's time to shop around for a mortgage that suits your needs. A mortgage is a loan which will be secured by the property you are purchasing. There are also many different types of mortgages, such as an “ARM”, 15- and 30-year fixed, second mortgages etc.

The mortgage company will help you determine the most suitable financial arrangement for you: perhaps buying a house with no money down, or obtaining the lowest interest rate, or finding the right time-frame in which to pay off this loan. I suggest that you review online resources for more information. Use this mortgage calculator to help estimate your monthly payment.

Mortgage Calculator

Some suggestions to prepare for this process:

  • Gather items such as: tax returns for the last three years, current pay stubs, records of paid off credit history, and any supplemental income. If self employed you will need business records and tax returns for the last three years.
  • Do not incur any new debts. Mortgages are based on debt-to-income ratios (the amount you pay monthly versus the amount you bring in) and a new debt can lower your chances of obtaining the mortgage.

“Loan Approval” or “ Loan Commitment”

After an evaluation of your credit history, work history, assets and liabilities (debts), your lender will approve you for a specified loan amount. One of the stipulations will be that the property appraises at a level high enough to justify the loan, so the lender will hire an appraiser to ascertain the fair market value of the home you hope to buy. Once the appraisal is complete, the loan request goes to under-writing. Final approval and loan commitment can take ten days to a month. In making the loan commitment the financial institution states that it is willing to lend you the funds necessary to purchase the property.

Mortgage Brokers

Dave Cook
Cherry Creek Mortgage Company
44 Cook Street #500
Denver CO 80206
720-384-3862
dave@davecookmortgage.com

Jayson Langerman
Pinnacle Mortgage Group
3605 S. Teller Street
Lakewood CO 80235
720-840-6106
jdlangerman@pinnacle-mortgage.com

Jerra Ryan
Premier Mortgage Group
7935 E. Prentice Avenue #200
Greenwood Village 80111
303-257-4276
jryan@pmlending.com

Banks

Cheryl Miller
BBVA Compass Bank
11210 Huron Street
Northglen CO 80234
303-587-9671
cheryl.miller@compassbank.com

Michael Tapp - NMLSR ID 447795
Wells Fargo Private Mortgage Banking
1740 Broadway #4760
Denver CO 80274
720-937-0452
michael.tapp@wellsfargo.com

Write an Offer

After finding the right property, we’ll put together an offer — a document that includes your offer price, your terms and conditions, and mortgage information about your loan. Along with this offer, you will supply a “Lender Letter” from your lender stating you are pre-qualified for the purchase price plus an Earnest Money Check. This check is proof of your “earnestness” — or seriousness in purchasing the home.

Due Diligence

After the offer has been accepted, we begin our “due diligence” in buying the home. This includes:

  • Having the house or loft appraised: An appraisal is an opinion of the dollar value of the home you want to purchase. Virtually every lender requires an appraisal before the loan is approved. The Lender hires the appraiser. (No appraisal is necessary for a cash transaction.)
  • Having the property inspected: An inspection evaluates the structural and mechanical condition of a property. You hire an inspector. I can recommend competent ones.
  • Reviewing the title work and Public Records
  • Reading and accepting any Home Owners Association (HOA) Rules and Regulations and other non-public records.
  • Reviewing your closing costs: These are charges paid to different entities associated with your home purchase. They are usually 2 - 2.5% of the total sales price of a property. Closing costs may include: application fees, appraisal fee, county taxes, credit report, discount points, documentation fee, escrow fees, homeowners' association fees, loan fees, mortgage insurance, original fees, tax registration and title insurance premium. Your Lender can specify in advance all the closing fees.

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Nina OKelley Realtor