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Art & Debbie DeBrito

Colorado Springs, CO
Real Estate Agent
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How Much Can I Afford

Home Buying Process

1. Do You Have A Home To Sell
2 Balancing Your Needs With Wants
3 How Much Can I Afford
4 Finding Neighborhoods
5 Its Time For A Home Search
6 Making An Offer
7 Negotiating The Purchase
8 What Are All These Deadlines
9 Before You Close
10 Closing The Deal
11 After Closing On Your Home

If you find a home you like and want to submit an offer you will need some for of pre-qualification. Every Seller will require this prior to considering an offer.

There are two levels of achieving this. Loan Pre-qualification and Loan Pre-approval.

Pre-qualificaiton is a simple report from a lender that indicates they have initially reviewed your credit and qualifications and determined that you have the ability to afford an amount of loan. It takes very little time speaking with a lender to determine this value. The lender then produces a pre-qualification letter that can be presented to any seller, indicating you are a viable candidate to purchase their home.

Pre-approval on the other hand is a more indepth process that gathers more detailed infomation regarding your financial condition. The result of this also produces a report which will provide a specific amount that you will be able to obtain. It also eliminates most unexpected barriers you might run into regarding the loan process. It also presents a stronger reason why the seller should select your offer over others' offers.

Check out the Mortgage Information section at the bottom of our More Tips page.

Click here to go to our Finance Page

How Much Mortgage Can I Afford?

Tips for First-Time Homebuyers

Questions to ask your Lender

Contact us if you would like more information.

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