Littleton Mortgage : Property Buying TipsLittleton Mortgage : Property Buying Tips

So just how does the mortgage process work in order to receive a home loan. First of will be the qualification. Sometimes called the pre qualification. This is where you will get together with a mortgage professional a see if you can be qualified for a mortgage. A lot of times if its is a new home purchase a Realtor will want you to have whats called a pre qualification letter. This is a letter that is sent to you bu a mortgage professional. This Realtor may not even work with you unless you have one of this letters. The Realtor will need this letter when you make a bid on a house. This is required for the selling Realtor to know that you are qualified to purchase this home. With out this letter the selling Realtor has no idea if you can actually buy the property.

Is it not a time to buy a House. Sometimes buying a home does not make any sense at all. Especially if you are not in it for the long term. A lot of what we call the mortgage meltdown was due to the fact that to many people were in it for the short term. At the time you could just be in a house for 5 months and walk away with $50,000. And who could blame any one for wanting to do that. The problems arise because real estate should be a long term investment. The whole mortgage meltdown could have been prevented. Look to stay in the house at least 10 years. I know its hard to predict what is going to happen in just 5 years. Let alone the 10 years down the road. But its all so hard to go bankrupt. The problem is a lot of people received short term arm loans. Some loans were only 2 years long. In that 2 years the market changed completely.
Now instead of that person making $50,000 in 5 months. They were upside down $50,000. or they were owing $50,000 more on the home than it was worth. So they lost the ability to be able to sell the home. Now that they lost the ability to sell the home they had no way of getting out of it. With no way to sell the property or refinance the 2 year adjustable rate mortgage comes due. With the Adjustable rate due the mortgage payments were now twice what they were before. Then they had to just walk away from their home or investment. Then the bank takes on their bad investment. That is how some of the mortgage meltdown blame can go. Of course the mortgage meltdown was dynamic, so there are many other factors involved this is just a part of the problem that added to the mortgage mess.

Why should you buy a house in this market? Is it a good time to purchase a home in this market? Really that decision should be up to you and your family. There are many reasons why you should. There are all so a lot of reasons why you should not buy right now. It depends on your particular situation and what the market is doing in your area you live in. In this article I would like to talk about the Denver area. Now how prices here have been steady for about 10 years. So in this are we don't expect a dip in home prices. In other area's of the country home prices have easy doubled in that same amount of time. So for the Denver area the market is nice and steady. So you should not see a loss in value in this are
by Joe Kern
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