STEP 1: Are You Ready To Buy Real Estate In Durango, Colorado?

Knowledge and experience are the keys to successful real estate transactions.

One of the keys to making the Durango home buying process easier and more understandable is planning. In doing so, you’ll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the Durango home buying process.

Do You Know What You Want?
Whether you are a first-time home buyer or entering the Durango market as a repeat buyer, you need to ask why you want to buy. Are you planning to move to Durango due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?

Whatever your answers, the more you know about the Durango real estate marketplace, the more likely you are to effectively define you goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them in detail when meeting with you Durango, Colorado REALTOR®.

Do You Have The Money To Purchase Real Estate In Durango?
Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require a 5 percent down payment or less. In fact, a number of programs now allow purchasers to buy Durango real estate with nothing down.

In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a Durango home with no money down, but also underwrite closing costs.

Not everyone, however, elects to purchase Durango real estate with little or no money down. Less money down means higher monthly mortgage payments, so most homebuyers choose to buy with some cash up front.

As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a Durango home that requires the owner to pay some or all of your settlement expenses. Speak with you Durango, Colorado REALTOR® for details.

Is Your Financial House in Order?
Those great loans with little or nothing down are not available to everyone: You need good credit. For at least on year prior to purchasing a Durango home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.

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