Buying a house is one of the biggest and most important financial investments most people will make in their lifetime. But the process doesn’t need to be daunting or scary; finding a seller and agreeing to a price that is acceptable to both parties is just one of the high points in a real estate deal. However, with the help of a trusted professional who has a great amount of experience in the industry, you can go through the buying process without issue. Cheri Long, owner of Priority Properties, Inc. has been closing deals in the Denver Metro area since 1993, so you know you’re in good hands if you ever plan on purchasing a home or putting your property on the market.

By fulfilling these few requirements, you are on your way to achieve success in your real estate transaction:

• Favorable Credit Score: Credit scores can range from 300 to 850, and the higher yours is, the lower your interest rate will be and your mortgage goes down as well. If the score is too low, you might be unable to obtain a mortgage at all. To get a high credit score, make payments on time, and avoid carrying a lot of debt.

• Clear Understanding Of Mortgages: There are multiple types of mortgages available to home buyers, so it is important to examine each one and understand their benefits and risks. More importantly, find a lender and get pre-approved for a mortgage before beginning the process of buying a house.

• Prepared Down Payment: Minimum required down payments can be as little as 3.5% for FHA, or 3 to 5% for Conventional loans. However, to avoid private mortgage insurance (PMI), lenders require home buyers to put down a minimum of 20% of the house price. If you don’t have enough money to make it, you will have to purchase private mortgage insurance for the lender’s protection. When property values fall and you don’t have equity in the home, the property could end up having less value than what you owe, thereby failing to serve as adequate collateral for the loan.

To have a successful and hassle-free real estate transaction, it’s also wise to work with a trustworthy and highly reputable real estate agent. Call Cheri Long of Priority Properties, Inc. today at (303) 263-2072 to learn more about how you can buy your ideal home. You can also visit her website for more information about houses for sale.