Experts Offer Advice For Getting A Home Loan In A Competitive Market
DENVER (CBS4) – Home prices in Denver are rising faster than most other cities in the country.
Denver prices were up 2.6 percent in March of this year from the same time in 2011. The only major markets with greater gains were Phoenix and Minneapolis.
Part of what’s pushing the housing market is record low interest rates. 4 On Your Side Money Saver Suzanne McCarroll got lenders’ and realtors’ advice to see what buyers can do to set themselves apart when trying to get a loan.
If the for sale sign goes up today, chances are good an offer will come in just weeks, if not days. The low interest rates and the hot market mean buyers need to be ahead of the rush. With multiple offers often coming in on one house, buyers need to prove to the seller they can qualify for a loan.
Experts says to avoid a financing nightmare, arrive at the lender prepared.
“Your last two years’ W-2 tax returns, your last two paystubs, your last two bank statements,” Dan Brown of Spire Financial said.
Brown says the same advice is true for those refinancing.
“Interest rates currently are at record lows; people should be refinancing immediately,” Brown said.
As of Tuesday the going rate for a 30-year loan was 3.625 to 3.7 percent.