Apply Now

  • Refinance
  • Buy A Home
  • Learning Center
  • About Us
  • Contact Us
 
 

Mortgage Broker Denver CO | Home Loans | Front Range Mortgage

  • Refinance
  • Buy A Home
  • Learning Center
  • About Us
  • Contact Us

Denver Office:

(303) 500-1900

Apply Now
  • Refinance
  • Buy A Home
  • Learning Center
  • About Us
  • Contact Us
You are here: Home / Buy A Home / First-Time Home-Buying Advice For 20- And 30-Somethings

First-Time Home-Buying Advice For 20- And 30-Somethings

January 8, 2021 by Front Range Mortgage

Home Buying Tips in Denver Colorado

It’s no secret that buying a home can be a challenging process, especially for those couples or individuals who are in their 20’s or 30’s.  This is not something a young adult should rush into as it can prove to be extremely costly in the long run. 

Factors to Consider Before Buying A House

Thus, if you’re planning on buying your first home 5 or 6 years, here is some professional advice that will help you prepare for that momentous occasion.

Try to determine where you might be living – purchasing that first home for the sake of homeownership is ill advisable.  Here’s why.  Most those couples and individuals in this age group are still trying to select a career path.  Consequently, buying a home can restrict your mobility, especially if that career takes you to another city, state, or cross-country.  Remember, the experts advise homebuyers to stay in their new home at least 5 to 7 years.

Remember, it’s about how much home you can afford –   once you’ve figured out where you would like to live, search a few home websites to learn more about the housing market you’re interested in.  This will provide some perspective on the different properties for sale and what they are selling for.  This will help you determine what you can afford and how much you’ll need to put down.  If the homes in your neighborhood are not affordable, hold off until you can afford it or search another neighborhood.

Start building and improving your credit NOW – your credit score plays a significant role in the home buying process, more specifically, your ability to qualify for a mortgage.  A score of 740 or higher is ideal when it comes to getting the best interest rates.  If, on the other hand, your score is below 740, you should expect a higher rate.  You’d be amazed at how many young adults already have dings on their credit reports from late credit card payments and student loans. Thus, start early and ensure that you have a good credit rate by the time you intend putting

Start Saving Towards A Down Payment

This is a key aspect if you want to get the best mortgage terms possible. You’ll need to put down at least 20% of the agreed upon selling price of the home.  This will help you avoid having to pay PMI (private mortgage insurance).  Keep in mind that 20% isn’t chump change.  For example, if you’re buying a $250,000 home, that 20% equates to $50,000.

To learn more about purchasing your first home, contact Front Range Mortgage at (303) 500-1900 or visit our website today.

Filed Under: Buy A Home Tagged With: Colorado Springs, Denver, Home Buying Tips

Colorado Only Mortgage Experts

Your Colorado-Only
Mortgage Experts

Get Pre-Approved in 5-Minutes!

Popular Blogs

  • First-Time Home-Buying Advice For 20- And 30-Somethings

    First-Time Home-Buying Advice For 20- And 30-Somethings

  • The Housing Market in Colorado is Still Buzzing Away

    The Housing Market in Colorado is Still Buzzing Away

  • What are the Benefits of Working with a Mortgage Broker?

    What are the Benefits of Working with a Mortgage Broker?

  • The Important Benefits of a VA Mortgage

    The Important Benefits of a VA Mortgage

  • What Are Your Rights to VA Mortgage Forbearance Under the CARES Act?

    What Are Your Rights to VA Mortgage Forbearance Under the CARES Act?

Connect With Us

FacebookTwitterLinkedinYoutube

Front Range Mortgage

  • About
  • Refinance
  • Purchase
  • Blog
  • Contact
  • Arvada Location
  • Springs Location
  • Apply Now

Loan Options

  • VA
  • Conventional
  • FHA
  • Jumbo
  • Cash Out Refi
  • Debt Consolidation Loan
  • Poor Credit Loan
  • Home Renovation Loan
  • 2nd Mortgages
  • Investment Loans
  • First Time Home Buyer

Resources

  • Calculator
  • Refinance Analysis
  • Home Purchase Qualifier
  • Search Homes For Sale
  • Home Value Estimate
  • Video Library
  • Testimonials
  • FAQ’s

Contact

  • Front Range Mortgage (Springs Office)
  • 102 S Tejon St #1100
  • Colorado Springs, CO 80903
  • (719) 540-2020
  • Find us on Google
  • Front Range Mortgage (Denver Office)
  • 600 17th St #2800
  • Denver, CO 80202
  • (303) 500-1900
  • Find us on Google
  • Colorado Mortgage License
  • CO MLO #MB100020928
  • NMLS ID: 263091
  • NMLS ID: 378844
Front Range Mortgage

We’ve Got Your Six!

Copyright 2019 – Front Range Mortgage: Colorado Mortgage Broker – Denver- Colorado Springs – Boulder – Fort Collins. All Rights Reserved.
Terms of Use | Privacy Policy | Website Powered By: Mortgage Broker Marketing

Colorado Mortgage Broker, Brian Murphy, Front Range Mortgage, LLC DBA United Mortgage Funding, LLC – Colorado Mortgage License #MB100020928 / NMLS #378844. Colorado Springs Office: 102 S. Tejon Street, # 1100, Colorado Springs, CO 80903. Denver Office: 12191 W. 64th Avenue, # 205, Arvada, CO 80004. Regulated by the Division of Real Estate http://www.dora.state.co.us/real-estate/index.htm(DORA)

Front Range Mortgage, LLC specializes in custom tailored low rate Colorado mortgage loans, debt consolation loans, second mortgages and home loan refinancing with personalized face to face service for clients in the metro Denver and front range area including Aurora, Arvada, Denver, Lakewood, Boulder, Fort Collins & Colorado Springs.

Copyright © 2021 · Front Range Mortgage on Genesis Framework · WordPress · Log in