Deano Makowsky - 303.255.4381
A Comprehensive Guide to Buying and Selling a Home
Colorado Real Estate
Selling a home
COLORADO REAL ESTATE AGENT

LOAN APPLICATION

When reviewing your Loan application the lender will evaluate the risk of loaning you money, along with your ability to repay the loan. The main areas the lender will look at are the following.

Capital Assets- Do you have enough money for the down deposit or for the closing cost.
Collateral- Will you have enough equity to protect the loan in case you default in payment.
Credit History- Do you have a good history of paying your debt on time.
Capacity- Do you have enough income coming in to repay the loan.

Note* - Your monthly mortgage payments should be no more than 28% of your gross monthly income.Your monthly mortgage payments should in turn be no more than 36% of your gross monthly income and your monthly debts( including your mortgage).

How to increase your purchasing power

You have been denied a loan or pre-qualified, but not for the amount you would like. Below is a list of some common obstacles to qualify for a home and some possible solutions to each.

Excessive Long Term Debt
Consolidate your debt into one loan (many credit card companies or loan outlets will by up other debt and consolidate into one loan).
Pay off long term debt by using some of your cash and in turn lowering your down payment.
Sell an asset to help satisfy the debt you have.

Inadequate Income
Income from alimony, child support, bonuses, overtime or future raises might be considered in qualifying.
Make a higher down payment.
Find a Co-Mortgagor who is willing to sign the loan with you to help you qualify.
Consider a financing option that will allow you to stretch your purchasing power, such as a FHA loan, adjustable rate mortgage or balloon financing.

Mortgage Calculators | Prequalification Application

Buyer's Guide
A step by step guide of
what is involved in buying a home.

Buyer's Criteria
Why Should I Use an Agent?
Buyer Cost Breakdown
Items Needed at Loan Application
Loan Application
Increase Your Purchasing Power
Obtaining the Down Payment
What to Avoid
Types of Loans
Mortgage Glossary of Terms
Services I Will Provide

Moving Guide
Packing Tips

 

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