Home Purchase

Get the mortgage you need to finance your home purchase and suit your financial profile. Set your goal, get a quick rate quote, and get the process started.

Financing Your Home Purchase

Whether you’re a first-time buyer or are an existing homeowner looking to move on and buy your next home, Homebuyers Mortgage has the mortgage program you need to make it happen. We offer full mortgage services to Colorado homeowners in Steamboat Springs, Winter Park, Denver, Colorado Springs, Greeley, and Grand Junction.

Our Purchasing services include the following:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Home equity loans
  • Mortgages for primary residences, vacation homes, and investment properties

We’re here to educate our clients to help them make the best decision when it comes to applying for a home loan and buying a home. If you’re ready to make the leap to homeownership, we’re here to help.

Purchase Mortgages, Step-By-Step

Gather Relevant Documents

To get the mortgage approval process started, you’ll need to collect pertinent information about your financial and credit profile, including the following:

  • Proof of income, such as tax forms, W-2s, pay stubs, or 1099 forms
  • Proof of assets, such as statements from your checking, savings, retirement, or investment accounts
  • Statement of liabilities, such as information about auto loans, student loans, personal loans, and other credit accounts

We’ll need the above information to help make an appropriate decision about your mortgage application.

Check Your Credit Score

Before formally applying for a mortgage, make sure your credit score is in good condition. Your credit score plays a key role in not only your ability to get approved for a mortgage, but also the rate you can secure. Take a little time to make improvements to your credit score to increase your odds of loan approval.

Get Pre-Approved

Mortgage pre-approval gives lenders a chance to determine how much they’re willing to lend to you. We will assess your income, credit score, and assets and liabilities. It’s important to get pre-approved for a mortgage before you start the house hunting process so you can focus on properties that fall within your budget. Plus, it will make you more appealing to sellers and give you a competitive edge in a hot market.

Customize Your Mortgage Options

Once your credit and financial information is checked and verified, we will provide you with a few loan options that best match your situation. We’ll show you how much you can qualify for, the interest rate you can secure, and different monthly payments and down payment options.

Make an Offer on a Home and Close on the Deal

Armed with a pre-approved mortgage, you can go out and look for properties that match your criteria. Once you make an offer and the seller accepts, you can proceed with the final mortgage approval process. We’ll look at the property details, issue you a Closing Disclosure, and guide you through the closing process. You’re now a homeowner!

Purchase Mortgages FAQs

What's the minimum down payment needed for a mortgage?

That depends on the type of mortgage you apply for. For instance, FHA loans allow for minimum down payments of 3.5% of the purchase, while you may be able to put down as little as 3% with a conventional loan. Keep in mind that the lower your down payment amount is, the higher your mortgage payment will be.

How can I lower my mortgage interest rate?

The lower your credit score, the less you’ll pay overall for your mortgage. You can lower your interest rate by building up your credit score, making a larger down payment, paying down your debts, and ‘buying down’ your rate with mortgage discount points.

Is mortgage pre-approval the same as pre-qualification?

No, they are slightly different. A mortgage pre-qualification provides an estimate of how much you can borrow with your mortgage. Your lender will look at things such as your income, debts, and other assets, but won’t go so far as to verify them. A mortgage pre-approval, on the other hand, involves a written commitment from a lender after all pertinent documentation regarding your income and assets has been thoroughly verified.

What mortgage type is best for me?

There are several different types of mortgages available, but one may be better suited for you than another. The following are among the more popular mortgages to consider:

  • Conventional loans – Buyers with strong credit and financial profiles often look to conventional mortgages when applying for a home loan. One of the biggest perks of these home loans is the ability to eliminate private mortgage insurance.
  • FHA loans – These mortgages are popular for first-time buyers or those with little money to put down. You can buy a home with as little as 3.5% down and don’t need as strong of a credit score as you may need for a conventional loan. As such, they may be easier to get approved for.
  • VA loans – Veteran buyers who meet specific criteria may qualify for VA loans, which allow for 100% financing and no down payment. These loans also often come with seller concessions to help buyers cover the costs associated with home purchases.
How long do I have to pay off my mortgage?

You can choose varying term lengths when you apply for a mortgage. 30-year fixed-rate mortgages, for example, are very common, as they give buyers a longer amount of time to repay what they owe. In turn, monthly mortgage payments are lower and easier to budget for. But shorter terms, like 15-year fixed-rate mortgages, allow buyers to pay off their mortgages sooner and therefore pay less in interest overall, though their mortgage payments will be much higher.

Can I get approved for a mortgage with bad credit?

A good credit score is typically required to get approved for a mortgage. However, you may have better chances of approval if you apply for an FHA loan. That said a lower credit score may require that you have a higher down payment and strong income/debt ratio.

Take that first step to homeownership and give us a call today!

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