Looking for property for sale in Salida or Buena Vista, CO?
Looking for property for sale in Salida or Buena Vista, Colorado...
National Association of Realtors Home Buyer’s Guide
Looking for property for sale in Salida or Buena Vista, CO? We can help. Check out the National Association of Realtors Buyers Guide 
below for great tips, for whether you want to buy a house or invest in property.
1. Decide how much home 
you can afford
Generally, you can afford a home priced two to three times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2. Develop your 
home wish list
Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite counter tops and stainless steel appliances are in the bonus category. Come up with your top five must-haves and top five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
 3. Select where 
you want to live
Make a list of your top five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.
4. Start saving

Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.

However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get.

Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.
5. Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area — including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. 

Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6. Get your credit in order
A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. The minimum credit score you can have to qualify for a loan depends on many factors, including the size of your downpayment. Talk to a REALTOR® or lender about your particular circumstance.

You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.
7. Get prequalified
Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage (ARM) offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.
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Home Buyers Guide
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Barbara Pearson-Sawyer, GRI, ABR, SRS, SRES, is a multiple award-winning Real Estate Broker, Speaker, Author, Certified High Performance Coach, and Entrepreneur who is consistently driven by three key tenets: dedication, integrity, and passion. 
Helping people has always been a passion that she has held close to her heart. Naturally, this drew her to a vocation in real estate, and for the last two decades, she has been helping others achieve their dream of homeownership throughout Colorado.
Barbara Pearson-Sawyer © All Rights Reserved
  • CRS Certified Residential Specialist
  • ​Realtor Of The Year Chaffee County Board Of Realtors 2019 
  • ​Top Producing Broker Associate Of The Year 2008, 2013, 2018, 2019, 2020
  • ​Top Producer Award 2017
  • Pinnacle Award 2016
Barbara Pearson-Sawyer 
First Colorado Land Office
7385 W. Hwy 50 
Salida, CO 81201
  •  (719) 207 3884 
  •  barbara@pearson-sawyer.com