The answer to the question is absolutely, YES!  There are so many reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. There is no reason to look at homes that are listed for $750,000 if you can only afford up to $500,000. If you are a first time home buyer, speaking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available.  These programs can vary from state to state so knowing exactly what’s available to you, is very important. Costs: Another important reason to talk with a bank before looking at vacation properties is so you understand exactly what costs are will be with buying a home. For instance, many of the properties has HOA fees to maintain the properties. You’ll be expected to pay a monthly fee to remove snow, maintain the grounds, trash removal, etc. Many home buyers don’t understand the difference between a down payment, pre-paid items, and escrows. These items can be thoroughly explained by a mortgage professional.  We have many mortgage bankers that we work with and will make recommendations to you.

Buying a home can be a very solid investment. The current interest rates are incredible but you may need to act quickly. The Feds are always flirting with raising the rates, but at this writing, A 30-year FHA mortgage can be locked in at a rate of around 4.25%/4.532%APR. If you find you and your family coming to the mountains regularly and simply enjoy the clean air, incredible people, sports galore, then buying might be the right choice for you. We can also explore the possibilities of renting your property while you are not using it to add to the cash flow.

Can you find a needle in a haystack?  Of course you can, but the probability isn’t very high. The chances of finding this type of property in Breckenridge is rare, but we can turn on our radar and help you find that special property.

If you need to sell your current home before buying a new one, it might be best to delay buying the new one. There are options if your current home sells before buying another though. A “rent-back” can often times be negotiated with the buyer of your current home.  A “rent-back” would allow you to retain possession of your current home for a certain number of days after. A “rent-back” allows for additional time to find a new home.

Owning a home in the Breckenridge area can be a unique experience, as many of our buyers come from very warm climates and don’t know what to expect in the mountains. From maintenance issues to return on investment, we can discuss the many aspects of home ownership in this area.

If you are planning on living and working in Summit County, there are many deed restricted properties that are very attractive. Deed Restricted housing has been designed by local municipalities to make housing affordable to the work force. The Town of Breckenridge is no exception. There are housing covenants that outline the rules and regulations for each of the deed restricted units. These “rules” outline the employment, occupancy, and income restrictions, as well as the appreciation limits, regulations and procedures for improvements to your home.

Debt to Income ratio is very serious business. The mortgage lenders want to know that you don’t carry too much debt. Your overall debt should not be more than a certain percentage of your income, and your housing debt will likely make up the largest portion of that total debt. Contact me today for a list of highly qualified local lenders and we can decide what will be your best avenue.