The decision to rent an apartment or home is sometimes based on the false belief that you won’t qualify for a home mortgage loan. Renting a home or apartment in the Colorado Springs and Denver Metro areas is becoming increasingly expensive. Last year U.S. News and World Report cited Colorado Springs as the second and Denver as the third best places to live. This and other factors serve to encourage rising rent prices and offer good incentive to save money by becoming a home owner.
Rent prices are increasing throughout the state with the current median cost of a two-bedroom apartment at $1,240.00 per month in Colorado Springs according to Apartment List Rent Report. They recorded three price increases of the median rent in the past year.
Consider the stability offered by a guaranteed monthly mortgage payment for 30 years versus a one year rental agreement. Another factor for choosing home ownership is the interest savings from a mortgage over 30 years. National Mortgage News cites an average of $42,123 in interest savings over 30 years on the median home price of $292,500 in Denver. (Based on the interest rates from the week ending May 5, 2019) These figures are based on the competitive rates offered by individual mortgage companies, verses big banks. See the article on getting the best rates from independent mortgage brokerage companies on the A Plus Mortgage blog.
Helping people realize that they can qualify to buy a home of their own is one of our biggest joys at A Plus Mortgage. Sometimes this means that people have to spend time cleaning up credit issues so their credit FICO scores improve. Other times it is a matter of learning about Down-Payment-Assistance programs, or VA loan benefits .For those seeking a rural property with acreage, a USDA loans offer incredible opportunity for those who qualify. And the qualification factors are often more reasonable than people expect.
Give us a call at 719-572-5155 and we will help you evaluate your options for buying a home.
References:
US News and World Report; US News Unveils the 2018 Best Places to Live:
Apartment List; Colorado Springs Rent Report:
https://www.apartmentlist.com/co/colorado-springs#rent-report
National Mortgage News; 12 Cities Where Borrowers Save Big on Mortgages and How Lenders Help:
