Real Estate Resources for Buyers
Before you start looking for homes in Winter Park, you should ask yourself a few questions:
- Where do you want to live? Do you want to live near a golf course, near the ski slopes, the lake or a wooded setting?
- What kind of home in Grand County would you like or need? Are you looking for a particular style? It's important to keep in mind your "wants" vs. "needs" when searching for a home.
- How much house can you afford? Have you consulted a Realtor or mortgage lender to determine the size of the mortgage you would qualify for?
Here are a few tips to help you get organized:
How much house can you afford?
Simply put, you can afford a house that costs as much as the largest monthly mortgage payment you qualify for.
A quick way to estimate the size of mortgage you qualify for is to take your gross monthly income (that's before taxes and other deductions) and multiply it by .28. This works out to just over 1/4 of your gross income.
Mortgage companies use something called qualifying ratios to determine how much they will lend you. Most mortgage companies use either a 28/36 ratio or a 25/33 ratio. The first number in each pair is the percentage of your gross income that the lender would consider acceptable as a monthly mortgage payment (i.e. if you make $3,000 per month, 28% of that is $840 per month).
The second number in each pair is used when all debt payments are considered, not just the mortgage. (i.e. if you make $3,000 per month, but also have a $250 a month car payment, 36% of $3,000 is $1,080, minus the $250 car payment equals $830).
As you can see, in this example the numbers work out to be almost the same. Obviously if you have more debt you would qualify for less.
Note: If an income or expense field does not apply to you, please leave it blank. All dollar figures should be entered in a monthly time period (i.e. if you earn $48,000 a year, place 4000 in the Salary field). This utility will give you an estimated mortgage payment you will qualify for. Note: The purpose of this information is to serve as a useful guide. For more exact, personalized information, please contact a certified mortgage representative.
Why you should work with a Realtor®
Working with a professional Realtor to buy your home is a good idea for several reasons:
- They will analyze your financial situation to help you determine how much you can afford.
- They are familiar with the process of buying a home and can explain things to you.
- They can easily access information on all properties listed for sale by other sellers in Grand County.
- They can set up appointments for you to see homes that interest you.
- They will help you complete all the necessary paperwork when it comes time to make an offer.
- They will help you arrange financing.
- They will be there at closing to answer your questions and make sure everything runs smooth.
Choosing a Realtor®
Searching for your mountain dream home can be a time-consuming experience. Working with a professional Realtor will make the process much more efficient.
Since most people spend a fair amount of time with their Realtor, it's important to choose a Realtor you feel comfortable with, and one who is responsive to your needs. The following questions will help you decide if a particular Realtor is right for you:
- Do they return your phone calls?
- Do they ask you questions to determine what you want/need in a house?
- Do they perform a financial analysis to help you determine how much you can afford?
- Do they explain things clearly?
- Do they suggest financing methods?
- Do they seem knowledgeable about the community?
- Do you feel comfortable spending time with them?
Land Title Guarantee Company 970.722.0454
Title Company of the Rockies 970.726.8077
Grand County Title and Escrow Company 970.726.0228
Summit Mortgage Group / Walt Lipinski 303.791.4567
Distinctive Home Lending /Jennifer Duensing-Crosbie VP 303.221.7100 x110/303.887.9993
Wells Fargo/Winter Park, Angela Rindels 970.726.2007
Wells Fargo/Denver, Chris Rue 303.880.5349
Wells Fargo Mortgage
Cornerstone Mortgage/Steamboat, Jeff Chapman 970.726.5501/970.846.4774
Grand Mountain Bank/Construction Loans 970.887.1221
America’s Mortgage/Broomfield, Phil Kennedy 720.887.6844/303.641.7307
Mogul Mortgage/Boulder, Mike Craychee 720.406.7573
Cherry Creek Mortgage/Denver, Todd Pruitt 303.331.4456
US Bank/Granby, Anne Burks 970.887.3361/970.887.7340
CO State Bank & Trust Mortgage Group/Darlena Marmins 970.668.2200
Cherry Creek Mortgage Company/Greenwood Village, Tom Schreiner 720.290.1900
Lake Dillon Mortgage Services, Inc./Kevin Doyle 303.339.5156/888.722.4749
*These names are only recommendations. We do not warranty or represent any of these businesses or services.