Home prices continue to slow in terms of growth, according to the Federal Housing Finance Agency.
Specifically, the House Price Index indicates that there was a slowdown in the price appreciation of houses in May with prices only increasing 0.1 percent over the previous month. For comparison, in April, growth in prices hit 0.4 percent, according the Federal Housing Finance Agency.
Trends like this can open windows of opportunities for homebuyers who may want to purchase real estate in Fort Collins. As prices slow down, sellers may begin to be more lenient with offers and it could result in less bidding wars.
If you think you may be interested in making the jump into homeownership, there are some things you should consider educating yourself on, including the steps of the home loan process. These steps are outlined below:
- Pre-Approval – Discover how much of a home you can afford and what your monthly payment could end up looking like.
- Apply for a Loan – Deliver financial documentation to the lender so a complete picture of your ability to qualify can be determined.
- Pick a Loan Program – There are a variety of loan options, some with higher down payment requirements than others, some with more lenient credit score requirements than others, etc. Work with a loan officer to determine which fits your situation best.
- Underwriting – The underwriter will evaluate your loan package and may ask for additional documentation.
- Get Approved – After the loan documentation has been thoroughly analyzed, and if it all checks out, you can be approved and closing conditions will need to be met.
- Close Loan – Sign final documentation and record the title.
There are various milestones that need to be met throughout these steps and communication among all stakeholders is vital. That is why you want to make sure you have the right team in your corner with a strong reputation. Look no further than Element Mortgage, which has a long history in Fort Collins and offers the necessary guidance to help you try to meet your financial goals.
Contact us today!