If you have been waiting for the best time to buy a Colorado home, it doesn’t get much better than it is right now.

With the economy slowly growing and home investment beginning to see slight gains, you can be sure the market prices and interest rates will again soon be on the rise.

Home financing can be cumbersome at times, but stick to these simple tips to ensure your home buying experience goes smoothly.

•  Ensure your credit is in tip top shape. Though economic improvement is on the rise, credit standards are still held high. Consider your credit rating your most valuable asset; currently a rating of 680 or more puts you in the best position to secure the lowest rates on your home loan or mortgage.

• Consider which type of loan is best for you. A conventional type loan requires a 5 percent down payment and many consider it to be the most desirable type of loan at this time. Conventional mortgage loans are typically guaranteed by Fannie Mae (FNMA) or Freddie Mac (FHLMC). FHA or Federal Housing Administration loans only require a 3.5 percent down payment, but the added fees that go along with an FHA loan can add cost to the final loan costs as well as monthly payment.

• Shop around for rates, but don’t forgo excellent service from a lender. Even though rates are at record lows, explore your options for different loan products based on your current situation. Look for lenders that close on time, have fair closing costs, and a good reputation. Your mortgage broker is there to help you get the best deal possible, only go with one you can trust.

• It’s not over until the closing is completed. Make sure you don’t do anything that may damage your credit during this crucial time; the lender will often get an additional credit report update just before the funding the loan. Remember to submit any paperwork needed to your broker promptly. You have waited a long time for your dream home; don’t let your closing get held up because of lack of paperwork completion or late submission.

When considering a home, entrust your financing needs with Hart West Financial, Inc. Since 1997, Hart West Financial has given home buyers the information they need up front in order to make the best decision concerning home financing.

For more information on financing for your Colorado home, please contact  Cindy Schweikert either by email cindy@hartwest.com or  call (480) 596-5151.

Licensed in Arizona, Colorado, Utah, Oregon, New Mexico, and Washington, we have had new and previous home buyers covered since 1997.