Let Us Help You Buy Your New Home!
Purchasing a home is a very exciting time, and being well
prepared will help you make better decisions. Take this
opportunity to learn more about home buying and the mortgage
process. Below and throughout this site you will find
information that will help you with the purchase of your new home.
Am I ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your situation.
How much house can I afford?
The first step toward finding the right home is to
quickly compute your purchasing power and determine how
much you can afford to pay each month. This saves you
time by allowing you to focus on homes in your price range.
In addition, in the planning stage, you should consider both the up-front and ongoing costs associated with purchasing a home.
Some up-front costs include:
Down payment: Typically ranges from 3-30% of
the cost of the house. The more you can put down, the
greater equity you will have in your home and the lower
your monthly payment will be. For down payments, less than
20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs: Your housing costs can include the following:
Monthly mortgage payment
If applicable - Flood Insurance
If applicable - Property taxes
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Our Happy Clients
"They did a phenomenal job for us. Have had 10+ mortgages over 40+ years and Peter's professionalism/promptness was the best service we have ever had. Happy to recommend him to others."
"Our lending process was exceptional. Peter Pritchard (Animas Mountain Mortgage) made the process very easy for us. He went above and beyond what I would expect from my lender. His experience and insight allowed me to feel comfortable knowing Peter would make sure everything would happen how and when it needed to happen. Highly recommend!"
"Working with Peter has been the best experience I have ever had with a lender. He was knowledgeable and friendly. I would recommend anyone to Peter."
"When we decided to purchase a home in Durango, we asked a number of people to recommend a lender and many of them recommended Peter. He was the right choice. Peter made what can be a complicated process very smooth. He was very knowledgeable about the process and was able to answer all of our questions. Peter was very responsive to our inquiries and returned all of our calls in a timely manner. The fees and closing costs were lower than expected and the loan closed on time. We love our Durango home and Peter was instrumental in making it happen."
"If you need a jumbo mortgage but don't fit into that "perfect borrower" box, you need Peter Pritchard. He assisted us with submitting a loan package to an appropriate bank that he knew would be most likely to approve the loan we wanted under our particular scenario. We were buying our third vacation home in Telluride and, although we have a large amount of money coming relatively soon, we needed a jumbo mortgage to purchase the home now before the opportunity for the great deal disappeared. Our local small bank would only offer us a high-priced short-term ARM because we are self-employed professionals with a non-traditional income pattern. Peter Pritchard helped us to choose the most appropriate product for our needs and then found the lender that offered the best rate for that loan. Most importantly, he put together our loan application and assembled all the supporting documents which was much more complicated than collecting pay stubs, bank statements, and a credit report given our complex economic ecosystem. Because we are attorneys, we THOUGHT we knew more than most borrowers about how to handle things but Peter Pritchard turned out to be an invaluable asset in guiding us through the new and complex regulatory borrowing environment. There were several small details that would have torpedoed our loan application if we didn't have his assistance. He was able to navigate the complexities with ease, but had to spend an inordinate amount of time dealing with each complex issue as it arose – obviously earning his commission. That is not something that I would say about most brokers or bankers that have helped us in the past. The most important thing, of course, is that our loan was approved and approved for closing on our schedule. THAT…. is worth every penny. I highly recommend this knowledgeable and tenacious mortgage broker."