When looking to buy Colorado real estate, you are much like the storied Lone Ranger in our once wild western State without any silver bullets until you select a professional advocate to help you locate that best loan.
All home buyers are vulnerable to the famous "lender trap" of getting quick answers to this question, "How much loan can I afford?"
Don't ask this question of any lender or of any seller's agent in Colorado...it will only harm your negotiating position (and your wallet).
When buying your Colorado home, ask yourself these two questions:
- "How much is comfortable for my monthly payment*"
- "How much is comfortable for my total cash outlay**?"
* monthly payment should include loan payment, taxes and home insurance.
** total cash outlay should include down payment, inspection costs and other items.
Colorado Home Loans (data posted 5/28/05)
Mortgage rates dropped to 5.91% for 30-year note. The average U.S. rate on a 30-year, fixed-rate mortgage fell for the second straight week, dropping to 5.91 percent from 5.93 percent, Freddie Mac reported on April 14th. The 15-year fixed rate fell to 5.46 percent from 5.48 percent. The one-year adjustable rate rose to 4.3 percent from 4.23 percent.
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