Tips on Pre-Qualifying for a Home Loan

When you begin the journey to finding your perfect mountain home, a major step is understanding what you are qualified to buy and/or borrow.

What You Can Do

  1. Find a Lender: To begin the process of determining what you can afford and borrow for a home, the first step is to find a mortgage lender or talk to a bank. Here are a few options for a mortgage lender but you are encouraged to find your own:

    1. Stephanie Riggi, Aslan Home Lending
      Local to Evergreen
      (303) 829-8188
      stephanier@aslanhlc.com

    2. Chris Pasquinzo, Mortgage Broker
      (970) 682-9263
      cjpasquinzo@excelfg.com

    3. Taryn Bellavance, Fairway Independent Mortgage
      (303) 570-4375
      tarynb@fairwaymc.com

  2. Know Your Financial Health:

    1. Determine your monthly income and budget

    2. List out your debts (college, cars, other homes) and your assets that may play a role in your financial picture

    3. Begin to collect documents that may be helpful (the lender will ask for a LOT of paperwork): bank statements, W2s, tax returns, etc.

    4. Don’t do anything drastic once you start the process. No buying boats or spending a week at the casino

What the Lender Will Do

  1. Determine Your Financial Health: They will run through all your personal business with a fine-tooth comb (get ready!).

    1. They will look at your credit score

    2. They will determine how much money you are worth to buy a house and how much money you can put down as a down payment.

    3. Then they will determine how much money you can borrow based on your DTI (debt-to-income ratio) based on how much you earn and how much debt you already have.

    4. They will put the puzzle together and determine how much you can conceivably borrow and will provide us a letter that we submit with your offer for a home so the seller knows you are a verified and serious buyer.

A Little Tip: The Homebuyer's 3-3-3 Rule (Financial Readiness)

When buying a home, the 3-3-3 rule is a simple little trick to keep in mind before you buy.

  • Purchase: A general rule is to look at homes in the price range of 3x your yearly salary.

  • Payment: When thinking about your future house payment after you buy, including principal, interest, taxes, insurance and maybe HOA, your total monthly payment should not be more than 30% of your gross (pre-tax) monthly income. 

  • Savings: To be in the best position to buy, it’s ideal to have 30% of the purchase price saved: 20% for the downpayment (which avoids private mortgage insurance) and 10% for other costs associated with buying, moving, repairs, that new TV, etc. Another tip for savings is to have 3 months of emergency funds available after you purchase to cover any new home costs, mortgage, or sudden life changes, etc.


A bonus "Rule of 3” is to see at least 3 house options in order to make the best decision for your home and finances.

Happy to Help

While I am not a mortgage lender, I am happy to help navigate the process of getting pre-approved with a lender. Reach out!

Go Back