Why should I buy instead of renting?
The buying vs. renting debate boils down to who you’d like to benefit from your hard-earned money. In a rental scenario, your rent payment will go to your landlord. However, every time you make a mortgage payment, you can rest assured knowing that money will eventually be put back in your pocket.
As you pay down your mortgage, you add equity to your home, meaning that you own progressively more of it outright. Whenever you decide to sell, that built-up equity is what will come back to you as a profit.
Can I buy a home even if I have I've had bad credit or don't have much for a down-payment?
Luckily, there are many different loan programs that can help those with less-than-perfect credit obtain for a mortgage. Down payment assistance grants through programs like CHFA and Turnkey can also help qualified buyers who don’t have a lot of money to put down on a home.
Your best bet is to get in touch with us. Once we have a better picture of your financial situation, we’ll be able to point you towards the programs that are the best fit for you.
Even if being approved for a mortgage isn’t possible quite yet, we can still assist you in figuring out the specific steps that you need to take in order to become financeable ASAP.
Should I use a real estate broker? How do I find one?
We strongly recommend that you use a real estate agent. While it is possible for you to buy a home without one, hiring someone you trust is absolutely a worthwhile investment. He or she will be there to help you search out appropriate properties, negotiate in your best interest, and navigate the home buying process. Having an agent on your side allows you to focus on what’s important: Deciding which home is right for you.
If you’re looking for an agent, the Paul Abair Team works with a wide network of professionals in the Colorado Springs area. Reach out to one of our representatives to be put in touch with someone who can help you start your search.
How much money will I have to come up with to buy a home?
Every situation is different, but the amount of money that you need to buy a home will depend largely on the loan program you choose. For those who qualify, our team has access to a variety of down-payment assistance programs in order to help offset some of the cost.
How do I know if I can get a loan?
A mortgage pre-qualification will help you determine whether or not you’re eligible for a loan. All you need to do is give us a call or fill out our pre-qualification form to receive an answer.
In addition to the mortgage payment, what other costs do I need to consider?
When buying a home, you should be prepared to make a down payment, to cover the cost of any inspections, and to take care of any closing costs. Depending on your unique situation, you may be able to mitigate some of these costs through the aid of down payment assistance programs and negotiation with the sellers.
What do I need to take with me when I apply for a mortgage?
In order to apply for a loan, you need to provide your loan officer with a record of all your debts, incomes, and assets. You’ll need 30 days of paystubs plus your year-to-date income, two years of W-2’s and tax returns, and quarterly statements from any bank accounts or other assets like a 401K. You should also bring your social security number and state ID.
I know there are lots of types of mortgages - how do I know which one is best for me?
At the Paul Abair Team, we pride ourselves on providing in-house service on loan programs to fit just about every financial situation. While we offer a variety of FHA, conventional, VA, and portfolio options, the only way to know for sure which one will work best for you is to talk to one of our team members. We’ll be able to review your unique financial situation and offer tailored advice. Reach out to one of us to get started.
In the meantime, please visit our available products page for more information on the types of loans we offer.
What Are CHFA Loans?
CHFA is a bond program run by the Colorado Housing and Finance Authority. Through participating lenders like the Paul Abair Team, the program offers a variety of home purchase and refinance loans to qualified, lower-income buyers. Both first-time homebuyers and non-first-time buyers may apply for one of the program’s 30-year, fixed-rate mortgages, plus down payment and closing cost assistance grants, if needed.
What are VA Loans? How do they work?
Thanks to the GI Bill, all eligible veterans are entitled to receive a home loan that’s been guaranteed by the Veterans Administration. These loans are offered through private, participating lenders like The Paul Abair Team.
However, the VA guarantee allows Veterans to meet different qualifying standards. With no minimum credit score and no required down payment or mortgage insurance, it ensures that participants have access to the best financing options available.
What if I’m Moving Out of State?
Many people think that they should wait until after they move out of state to start searching for their new property. However, getting a jump on finding your new home can help put your mind at ease. We often assist clients with the pre-approval process and then put them in touch with a lender in their new area using Armed Forces Bank nationwide branch network. That way, as soon as it’s time to move, you can hit the ground running.
Everyone’s financial situation is different. One of our team members would be happy to talk you through securing financing that suits your needs. Give us a call today to get started. 719.694.5317