Michael Carnahan - Top Producing Realtor® in Colorado Springs and Denver


First Time Home Buyer Information


There are a lot of questions that can arise when purchasing a home. To help make the process as smooth as possible, a couple common homebuyer's questions are answered below. Feel free to send your questions to agent@michaelsellscolorado.com


Can you walk me through the home buying process step-by-step?


Step 1. Figure out how much you can afford.
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.

Step 2. Shop for a loan.
Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
Step 3. Learn about home buying programs and know you rights.
FHA loan programs offer lower down payments and are a good option for first-time homebuyers.

Step 4. Shop for a home.
This is the fun and emotional part of the home buying experience! Choose a real estate agent, create a wish list of the features you want, and
Keys to the House
decide if you want a new house, a resale, a condominium, or land and build your own. Start your search at Red Rock Realty or Pikes Peak Association of Realtors
Step 5. Make an offer.
Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.

Step 6. Get a home inspection.
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs. If you still want the house and feel comfortable making the necessary changes, this process will help you better plan and budget.

Step 7. Get homeowners insurance.
Lenders require that you have homeowners insurance. Be sure to shop around.

Step 8. Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
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