Colorado Mortgage Alliance President Offers Advice and Explains Why Now Is A Great Time to Buy Real Estate!
Ben McMahon, President of Colorado Mortgage Alliance, LLC for the past six years, shares his thoughts on the current state of interest rates and why now is the time to buy real estate. Colorado Mortgage Alliance, LLC is a joint venture between RE/MAX Alliance and Wells Fargo Home Mortgage, the nation’s #1 residential mortgage lender.
“With the current rates still very close to historical lows, we are seeing strong interest in both homeowners wishing to refinance and many buyers exploring home ownership for the first time,” McMahon says. “With historically low rates, affordable inventories and motivated sellers in the market, it’s still an excellent time to consider buying a home.
“Right now there are many opportunities for qualified buyers to purchase a home. With the rate environment, many move-up buyers may want to consider a 15-year fixed rate mortgage and take advantage of the shorter term to pay less interest over the life of the loan.
“Some positive signs that buyers are taking advantage of the current interest rates are that there’s quite a bit of interest among prospective first-time buyers. We are finding that with the current rate environment and property choices, many are taking a serious look at the opportunities out there.
“Over the last few years, since the housing crisis and economic recession, the mortgage-lending industry has changed. As a result, lenders today have tightened their policies and guidelines with their underwriting. The main advice I’d offer homebuyers is to talk with a mortgage consultant very early in the home buying process. Nearly every loan program out there right now is going to ask for detailed documentation regarding income and expenses. This will include things like paystubs, income tax forms, and bank statements, just to name a few. Make sure you understand up front what you may need to provide, and don’t be surprised if during the approval process you’re asked to provide additional or supplemental information. Throughout the process, stay in contact with your mortgage consultant, and be responsive to requests for information.
“The most important thing that someone can do in today’s market is to work with an experienced Realtor and mortgage consultant who can lead them through the home buying process.”
Colorado Mortgage Alliance, LLC provides a wide range of programs and products to assist with various financing needs. Each RE/MAX Alliance office has a Home Mortgage Consultant on-site that is available to meet in a confidential and secure environment to provide feedback and determine appropriate programs. To learn more about Colorado Mortgage Alliance, LLC, visit www.coloradomortgagealliance.com.
