GETTING READY TO BUY YOUR FIRST HOUSE?

Buying your first house is a big deal, and probably the largest purchase that you will ever make. Right now there are many homes to choose from in Utah. Home loan programs are available through Fink & McGregor to fit the needs of borrowers from any background. Fink & McGregor also understands that many borrowers aren’t sure how to get started, so here are some tips to help along the way if you are getting ready to buy your first house.

How is Your Credit?

It is important for each and every consumer to know what their credit is like. Maybe you have had a few slow pays, but other than that everything has been paid on time. Maybe you have always paid your bills on time? Maybe you have collections or even judgments on your credit from past delinquent bills but you aren’t sure? Before embarking on the journey of buying a home, you need to know where you stand with your personal credit report.

Getting approved for a home loan is now a little more challenging, and lenders have tightened their requirements. It is important that your credit be in good standing, and that you educate yourself on what lenders are looking at before you apply for your Utah home loan.

How Much Can I Spend?

Most families in America do not live by a budget, and clearly right now many families are struggling due to the economy because they had little or no money saved up for a rainy day. Many families also have tried to live beyond their means, wanting homes they simply couldn’t afford, or were stretching their dollar to make it work. Knowing how much of a monthly payment you can afford is vital before you start the process of buying your first home.

Using a mortgage calculator will help you determine how much you can afford. Before you start the process, only you will know what you are comfortable with, so figuring out how much you can afford with all of your other monthly obligations included is important before looking at homes in the area you wish to buy in.

Right now is a great time to apply for a Utah home loan, because with the inventory of homes to choose from you could find more house for less money. It is important to remember that while you are looking you will want to consider the cost of taxes in that area as well. You will also need to pay homeowners insurance which is more expensive than renters insurance.

You will also want to ask yourself important questions about what the schools are like if you are planning to have a family. Do you wish to live in a rural area, or do you wish to live close to the city? Do you want a fenced-in yard, or do you want wide open spaces? Make a list of all the things you want, and when you do get to the point of shopping for a home you will be able to look around and see if the homes  you are looking at fit your needs. These are all things you will need to do when getting ready to buy your first house.

Fink & McGregor offers many Utah home loan programs that are ideal for first time home buyers including:

FHA Mortgages | VA Mortgages | Fixed Rate Mortgages | Adjustable Rate Mortgages | Jumbo Loans