Real Estate 03/03/18

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RealEstate Saturday, March 3, 2018

SpringsHouses.com • Marketplace Inside

SPOTLIGHT:

4 ways to prepare for a competitive spring BY ROBIN SAKS FRANKEL, TRIBUNE NEWS SERVICE

With housing inventory far lower than demand and mortgage rates poised to rise, it’s going to be a competitive market for homebuyers this spring. If you’re looking to buy a home this season, here’s how to prepare yourself to enter the fray. GET YOUR FINANCIAL HOUSE IN ORDER Unless you plan on paying for the

house in cash, you’ll need to apply for a mortgage. No matter how streamlined the process is, you’ll still need to gather a significant amount of documentation to give an accurate financial picture to the lender. Before you even begin house shopping, look at your credit report to make sure there are no errors that could affect your score. Also, pay off any delinquent bills and reduce any other

debts you owe so that your debt-toincome ratio (DTI) is favorable. Use a calculator to figure out your DTI and see if you need to make changes. Your goal is to look as attractive to lenders as possible so that you are approved and can get the best rate on a loan. MAKE SURE YOU’LL QUALIFY FOR A MORTGAGE In order to get a mortgage, lenders

want to know you’ll be able to meet your monthly obligations no matter what. This means they’ll ask to see your entire financial situation including employment history, salary, savings, investments, debts and anything else that makes up your net worth. Use a prequalifying mortgage calculator to get an idea of what size loan is right for your needs. Even if you think you’re a strong candidate, never assume you’ll

automatically qualify with the first lender you contact. Lenders’ guidelines have become stricter since the housing crisis of 2008, and you could lose out on the house you want if you can’t close on a loan. “Sometimes one deficiency can be offset by another strength. For example, if you have a higher DTI ratio, saving up enough to put a bigger down payment can help,” said Bill Banfield, executive CONTINUED ON PAGE 2

FEATURED HOME OF THE WEEK RECENTLY REMODELED

4127 Purple Plum Way | $359,900 Neighborhood: Briargate Directions: East on Briargate Parkway, then left on Union Blvd., left on Royal Pine and left on Purple Plum Contact: Jesse Risely, Keller Williams Client’s Choice, 719-351-8523, coloradobestrealestate.com

FEATURED HOME OF THE WEEK MAIN LEVEL LIVING IN KISSING CAMELS

FIVE bedroom, ranch style home located in the prestigious Pine Creek! This home has three bedrooms on the main level and two bedrooms in the basement. Large eat in kitchen with granite, stainless steel appliances, breakfast bar and a large pantry. Living room with dining area that walks out to a patio, great for entertaining friends and family. Nice sized fenced back yard with minimal upkeep. District 20 schools, mountain views and next to a cul de sac! Brand new carpet and paint!

3740 Cumulus View | $785,000 Neighborhood: Kissing Camels By Appointment Only Agent / Company: Kevin Patterson, 719-575-1200 The Patterson

Gorgeous Kissing Camels home with 5 bedrooms, study, 5 baths, 3-car oversized garage and amazing views. The main level offers hardwood floors, a spacious living room with walkout, updated kitchen with slab granite countertops, the master plus 2 additional bedrooms. The ELEVATOR provides easy access to the walkout lower level which features 2 bedrooms, family room, separate kitchen, recreation room and home theater. The outdoor areas include the enclosed front courtyard, the deck off the main level with city and mountain views and the covered lower level patio, backs to greenbelt.

VOTED

Best Home Builder 10 Years Running!

ClassicHomes.com


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Real Estate 03/03/18 by Colorado Springs Gazette, LLC - Issuu