Jacqueline Jing

Reporter

10:33 p.m. MDT, October 9, 2011

DENVER — Mortgage rates are at new record lows prompting a lot of renters to consider buying their first home.

I want something that`s mine. I can change that red paint if I want to do it,” says Jeff Harkson who is looking to buy his first home. He checked out places in Denver’s Stapleton neighborhood.

“Right now`s a great time to buy with pricing,” says Harkson. “And the rates I understand are much better these days. “ Mortgage rates hit record lows last week. The average for a 30-year fixed rate loan fell below 4 percent for the first time, according to the latest Freddie Mac survey.

But some experts have a warning for prospective home buyers.

“People who are going to benefit from extremely low mortgage rates are people who already have very stable income, very high credit rating,” says Metro State Economics Professor Alex Padilla.

But mortgage lender Pete Lansing says there are many first-time home buyers who meet the needed requirements.

“I don`t think it`s any harder today if you have good job stability, good credit and a reasonable down payment to qualify for a mortgage loan,” says Lansing.

Regardless, they both say, you must know your limits.

“Don’t over purchase. Don’t buy something that you really can’t afford,” advises Lansing.