DPS Realty

Q. Why should I buy instead of rent? 
A. Home ownership has many advantages.  The pride of owning your home is one large factor, however there are also many financial perks including appreciation of home values, reduction in principal and tax deductions.  Interest rates are also at all time low rates, making it a perfect time to buy your first home.

Q. Am I Ready to buy a home?
A. As a good guide, ask yourself these questions:

• Do I have a steady source of income (usually a job)?
• Have I been employed on a regular basis for the last 2-3 years?
• Is my current income reliable?
• Do I pay my bills on time?
• How many outstanding long-term debts, like car payments do I have?
• Have I have saved for a down payment?
• Can I pay a mortgage every month, instead of rent?
• Do I want to own a home of my own?

If you answer YES to these questions you are probably ready for home ownership.

Q. How do I know if I can even qualify to buy a home?
A. DPS Realty understands the ins and outs of buying a home and is dedicated to helping you through every step of the qualifying and buying process.

Q. Isn’t it scary to get a mortgage and have to make that payment every month?
A. You are already making a mortgage payment every month – for your Landlord. As a homeowner you have a greater degree of safety than you do as a renter.

Q. What do I do first?
A. The best way to get started is to get pre-qualified with a reputable mortgage lender.  That way you know how much home you can afford.  In some cases you may need to do a little work on your credit before you can qualify to buy a home.  It is best to get started right away.

Q. How do I find a mortgage lender?
A. You are encouraged to select a lender from any source.  All Colorado lenders are licensed and regulated by the state.  Through its affiliation with Megastar Financial, DPS Realty is able to provide exceptional mortgage loan options to first time buyers as well as experienced home buyers.

Q. Do I need a lot of money saved for a down payment?
A. There are programs available for first time home buyers to buy with little or no money down.

Q. How much money will I have to come up with to buy a home?
A. That depends on several factors which include the cost of the house and the type of mortgage you get. Generally you need to enough money to cover:  

1. Earnest Money: this is the deposit you make on the home when you submit your offer, typically $500 to $1,000.
2. Down Payment: which is a percentage of the total cost of the home – you need this down payment at the time of the closing – that’s when you sign all the paperwork and become a home owner.
3. Closing Costs: these are the costs associated with processing all that paperwork to buy your home.  In some cases, the seller will agree to pay all or a portion of these costs.

Q. Besides the mortgage payment, what other expenses do I have to pay?
A. Well, of course you’ll have your utilities. If your utilities have been included in your rent, this may be new for you. DPS Realty can help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association dues. You will also have property taxes, and you will have to purchase homeowners insurance. Taxes and   insurance are typically included in your mortgage payment. That way you don’t have to come up with extra money for those items each year.

Q. Do I have to pay DPS Realty for assisting me with my home purchase?
A. Not one cent.  DPS is compensated by the Seller from the proceeds of the sale.

Q. How do I apply for a mortgage?
A. Step 1: Complete and return the Personal Information document to Megastar Financial Corp. 
Step 2: A Megastar representative will call to make an appointment for a face to face meeting. For that meeting you should take:

1. Social security numbers for all potential borrowers.
2. Copies of your checking and savings account statements for the last 6 months.
3. Proof of other assets such as stocks or bonds.
4. Your most recent pay check stub that details your earnings.
5. A list of your credit card accounts.
6. A list of any other loans you have now such as car loans, etc.
7. Copies of your last 2 years income tax statements.
8. Contact information for someone who can verify your employment.

Q. What is a home inspection?
A. A home inspection should include a review of the condition of the foundation and visible structure; walls, floors, ceilings, doors, windows and basement, the home’s heating system,   central air conditioning system, interior electrical and plumbing systems, the roof, attic, and visible insulation.   Many inspectors offer additional services not included in a typical home inspection.  These tests include mold, radon testing, water testing, thermal imagery and heat/air loss inspections.

Q. What is an appraisal?
A. An appraisal is an opinion of value developed by a professional appraiser.   This value can be affected by many factors such as size, condition, location etc.  Appraisals are required by the lender as a condition of the loan. ×

Q. What happens at closing?
A. The closing is usually attended by the Sellers and their broker, the Buyers and their broker and the title companies closing agent. The closing agent will have the paperwork that you will sign. The closing agent will go over each document with you and answer questions you have about the documents.  If you don’t understand a document, ask your broker.  You want to be sure that you know what you are signing.  Before the closing the lender will provide you with a Good Faith Estimate.  This document will show how much money you will need to bring to the      closing. You will be required to bring a current drivers license or other state issued photo identification.