FAQ's Home Buying
Why should I buy instead of renting?
The Buying vs. Renting Debate boils down to who you want to benefit from your hard-earned money.
In a rental scenario, your rental payment goes to your landlord. However, every time you make a mortgage payment you are basically investing in Yourself and Building a Legacy, 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 progressively Own more of it outright. Whenever you decide to sell, that built-up equity is what will come back to you as a profit.
You can even access that equity through a HELOC (Home Equity Line of Credit), which when used wisely can open up a wonderful world of various financial opportunities.
Can I buy a home even if I have 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 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 toward 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 agent? 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 Abair Team works with a wide network of professionals in the Colorado Springs area, and we're networked with realtors nationwide. 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. At the very least, you will become acquainted with a caring loan professional who will help you build a plan to qualifying for a home loan that best suits your scenario.
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 provide 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. The easiest way to apply is through our online application. Give us a call at 719-650-8019 if you need any assistance setting up or filling it out!
I know there are many different types of mortgages - how do I know which one is best for me?
buying-a-home/loan-types-availableAt The 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. It truly is worth the little bit of time spent.
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 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 has been guaranteed by the Veterans Administration. These loans are offered through private, participating lenders like The Abair Team. Through our Armed Forces Bank Hero Program, we are thrilled to offer these loans with $0 lender origination fees in All 50 States.
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's 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 at 719-650-8019 to get started.