Introduction
Purchasing a home is one of the largest capital investments a person will make.  In order to make the right investment, a borrower should know the details of how to make this happen.  A good mortgage broker/banker can guide the purchaser thru the intricacy of the purchase transaction.  The important steps are to get pre-qualified or pre-approved, get a good Realtor, avoid For Sale by Owners, and after you make an offer, get the home inspected. A complete selection of mortgage programs are available at the bottom of this page.   First, however are some of the do's and don'ts.

Pre-Qualify for Your Home Loan!
Whether you are purchasing your first home, or are trading up to a larger home, Micott Mortgage can help you. With our huge network of national lenders, we have loan programs for all types of home purchases from Single Family Homes and Condos to Multi-Family Homes to Investment Properties.

Increase Your Negotiating Power -  Pre-Qualify or Pre-Approve!
It just makes sense. When the person you are buying your home from knows you have your money in hand, they're more likely to negotiate with you. Most sellers want to close quickly without any hassles. With a pre-qualification, our lenders have looked at one of your credit reports and asked about your income.  With a pre-approval, we have verified credit, income, and assets and you have received a conditional approval from an automated underwriting system.  The pre-approval letter is your best means of having your offer to purchase accepted by the seller.

Select a Good Realtor
A good realtor is as or is more important than a good loan officer.  Look for a Realtor that you can bond with.  One who is full time, with a reputable company, has years of experience, and is a GRI or CRS.  The best way to find out is to ask questions.  Also, select a Realtor that is located within 5 to 7 miles of the area you in which you wish to live.  Selecting a Realtor who offices in Aurora, will not help you buy a home in Lakewood.  We strongly recommend that you have your own Realtor.  It is not recommended that you make an offer directly to the listing Realtor.  Buyers mistakenly think they can get a better price by going directly to the listing Realtor.  This is a fallacy.  The listing Realtor will merely pocket the extra money that he/she receives by not having to pay a Buyers Realtor.  The listing Realtor will rarely cut their fee.  The purpose of Real Estate Brokers is to make the sale happen.  Frequently the buy/sell process is loaded with emotions on both sides.  The Realtors know how to take out (or at least minimize) the emotions and to get the transaction closed.  I have been to hundreds of closing's and almost always, everyone is smiling.

Don't Buy a For Sale By Owner (FISBO)
Buyers frequently think a FISBO is a cheaper way to purchase.  This is also a fallacy for three reasons.  First the FISBO owners always think their house is worth more than it is.  They have strong emotions about this.  Maybe they have lived in it for a number of years and their children were born there.  Also, they don't have the advantage of knowing or seeing what the most recent comparatives sales are.  Second, the FISBO sellers have generally interview two or three Realtors and have gotten input as to the value of their house.  Listing Realtors who quote low asking prices don't get the listings.  Consequently, they generally quote high and try to talk the seller down in a few weeks.  The FISBO seller doesn't know this and will always pick the higher prices quoted.  They are FISBO sellers because they don't want to pay the Realtor fees so they price their houses at full retail.  Third, there are no Real Estate Brokers involved to make the deal happen.  If there is a glitch, and usually there are glitches, emotions can get in the way and the deals collapse.

Find Your Right House Quickly
When you're pre-approved, the only thing slowing down your closing is the price, so most sellers will usually negotiate quickly in order to close the sale.

Avoid Surprises and Setbacks
After you get a house under contract, get it inspected.  It is highly recommended that the buyer view the house at least two times and three times is preferable.  It is virtually impossible to fully see a house with one visit.  The home inspector will  find/see things that are not apparent.  The process of negotiating the inspection objections is generally as emotion charged as making the offer.  There are too many problem that can arise to discuss.  It is sufficient to say that the inspection resolution issues are where a good Realtor can shine.