Denver Mortgages & Banking

The U.S. Department of Housing and Urban Development (HUD) provides a Web site specific to purchasing a home in Colorado. For additional information concerning topics in this article, view “HUD in Colorado” at http://www.hud.gov.

Financing a Home Before you start, there are many laws that protect you from scams,unnecessary expenses and discrimination in the process of homebuying.The Fair Housing Act prohibits discrimination in the sale,
rental and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, handicap disability), and familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing
custody of children under the age of 18). It is illegal under the Real Estate Settlement Procedures Act (RESPA) for anyone to pay or receive a fee, kickback or anything of value because they agree to refer settlement service business to a particular person or organization. For example, your mortgage lender may not pay your real estate broker $250 for referring you to the lender.

You can save yourself a lot of wheelspinning if you take time to figure out “How much mortgage can I afford?” You need to consider current loan interest rates.The lower the interest rate, the more expensive a home you can afford.