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Ways to Determine Your Denver Real Estate Budget

December 13, 2017

Are you ready to purchase a new home? When it comes to your Denver real estate budget, there are a few things to factor in. Once you know how much you can afford, the home search process can begin. When working with your local real estate company, learn about the pre-approval process and budgeting, and how using a great realtor will help.

Get Pre-Approved and Realistic Thinking

Once you have decided you are ready to purchase a home, your first step when deciding your budget is to get pre-approved. The mortgage pre-approval process will determine what you qualify for in a loan. To find this, you will provide a lender with a variety of documents so they can assess your financial situation. They will also review your credit report. From there, the lender will tell you the max amount they will allow you to take a loan out for. It is important to be realistic and understand what your monthly payment will be. You may receive a pre-approval amount that would come with a monthly payment difficult to make.

Budgeting 101

Once you have your pre-approval, you will know how much you will need to put down on a house. From this point on, saving is your top priority. Begin this process by finding things you can cut from your day-to-day to help you towards your goals. It could be less trips to get coffee, or a subscription service you do not use. For larger amounts, consider putting in overtime at work or looking into a temporary second job to help you save. Not sure what to do? Look at these 50 ideas for a lucrative side hustle, including selling items online, driving for Lyft or Uber, writing online, and much more. Also, it is important to review your pre-approval and build your savings by adding money into an account for any new expenses you would need to make in the new home.

Using a Great Realtor

Throughout your budgeting and pre-approval process, working with a great realtor is key. They can assist with any of your questions from the loan process and work with you to find something that fits in your realistic budget. As you work with them, they can inform you what your dollars can get you during your search. This can include any compromises you may need to make for the must-haves that are on your list.

As you are preparing for your search for Denver real estate, Giving Back Group has you covered. From establishing your needs and pre-approval, to searching for your perfect house, we will help you every step of the way. In addition, we will donate 20 percent of our earnings to the charity of your choice—at no additional cost to you. This is a great way to give back to your local community and to causes that matter to you. To get started on your home search, contact us today at 303-881-4881.