Inside Colorado’s Housing Market: Q&A with a Local Mortgage Expert

Many buyers come to Mylinh Tran expecting to hear that they need a 20% down payment and perfect credit. She enjoys letting them know that’s not always the case.

Mylinh is a Mortgage Loan Originator (MLO) with Credit Union of Colorado, working with buyers across the Denver metro area. We spoke with her about the top concerns she’s hearing right now, what’s changed in the local market, and the assumptions she finds herself correcting most often.

Q: What are first-time buyers walking in worried about?

A: Three things, every time. How much they can afford. How much cash they actually need upfront. And how their credit is going to affect both approval and the monthly payment. Those are the right questions and a great place to start.

Q: How much do buyers actually need for a down payment?

A: We offer a 100% Mortgage Package that lets you finance the full amount of the home purchase. This can be a good option when you want to make the move now instead of waiting until you have a large down payment.

You just have to keep in mind that there is a tradeoff. When you put less than 20% down, it often means you’ll need to budget for private mortgage insurance (PMI) and a higher monthly payment.

Q: How would you describe the Denver metro market right now?

A: The market is much more balanced than it has been in years. Many neighborhoods now have more homes for sale, so buyers have real options and negotiating power. Sellers are also offering concessions, like rate buydowns, and are more willing to help with closing costs, which can make a big difference in monthly payments.

I also wanted to mention that buyers often get fixated on rates, and I understand why. But you can’t perfectly time the market. You could wait two years for rates to drop, but also lose more than $50k in appreciation in the meantime. Finding a home that fits your budget is what matters in the long run.

Q: What surprises new buyers most about the process?

A: Pre-approval. Or rather, not being pre-approved when they should be. Contracts move fast in this market, and “I’m planning to get pre-approved” doesn’t carry the same weight as “I’m already pre-approved.”

The other one is budgeting. It’s easy to focus on the purchase price and not realize how much property taxes, insurance, and HOA dues add on top. And those can vary a lot depending on where in Colorado you’re buying. Understanding your full monthly payment, not just the loan amount, is what makes you feel confident when it’s time to make an offer.

My standard advice is to review your budget early, don’t take on new debt while you’re in the process, and get pre-approved before you start browsing homes.

Q: What’s something you find yourself explaining a lot to first-time buyers?

A: That a first call with me doesn’t commit you to anything. A lot of people put off talking to an MLO because they think they’re immediately locked in, but they’re not. Early conversations are mostly educational.

We can talk about your situation, explore your options, and help you build a realistic plan months before you’re actually ready to buy.

The other piece is that the mortgage process isn’t just about income. Credit history, debt ratios, assets, and overall financial stability are all factored in. There’s usually more flexibility than most people expect.

Q: With prices and rates where they are, is it still worth buying?

A: For a lot of people, yes. Homeownership is still one of the most reliable long-term wealth-building tools out there. Even with higher prices, you’re building equity, have predictable housing costs, and you can get the kind of stability you don’t get from renting.

If you’re concerned about affordability, it’s worth looking into local first-time homebuyer assistance programs, like metroDPA and the Colorado Housing and Finance Authority (CHFA). Both offer special down payment assistance programs if you meet certain requirements.

Combined with the seller concessions we’re seeing again, there are more ways to make the numbers work than you might realize.

Talk to a Mortgage Loan Originator

Whether you’re ready to start touring homes or you’re just trying to figure out what’s possible, Mylinh and the rest of our MLO team are here to help. Visit our Home Loans page to find an MLO in your area.