5 Tips for First-Time Homebuyers in Utah
Purchasing a home might seem a little daunting at first, especially for a first-time homebuyer. But the right planning and resources can go a long way, which is why Utah’s Home Savings Fund is here to help. Below, we’ve gathered some of the most important things to consider when buying a home for the first time, so let’s take a look!
1. Pay Off Outstanding Debts
One of the best ways to receive a great mortgage loan is to be debt-free or with minimal debts at the beginning of the process. Start paying off those credit cards early and take care of any outstanding debts that might affect your credit score, which lenders use to determine your loan and interest amount.
2. Know Your Budget & Get Preapproved for a Mortgage
When it comes to buying a home, it’s always important to think conservatively, especially where your budget is concerned. This is because biting off more than you can chew and purchasing a home you can’t afford will lead to serious issues down the road. Getting preapproved for a mortgage will give you a good idea of how much you can spend and the loan you’ll likely receive.
3. Understand the Steps of Buying a Home
Usually, the home buying process involves several steps in this order: getting preapproved for a mortgage, shopping for a home then making an offer, getting a mortgage from a reputable lender, inspecting the home and having it appraised, then completing the sale by closing the deal and having the mortgage underwritten. Being familiar with these steps will ensure there are no surprises along the way.
4. Obtaining the Down Payment Amount
Before finalizing the details on your mortgage, you’ll need to pay a down payment on your home that’s a percentage of its value. Some may have the assets and savings to afford it but if you don’t, there are other options available, like the first-time homebuyer down payment grants available from Utah’s Home Savings Fund.
5. Budget for Other Expenses
There are often unforeseen expenses when buying a home, such as homeowner’s association fees, property taxes, and utility costs, so be sure you’re financially stable enough to meet such obligations.
Get a first-time homebuyer down payment in Utah from us!
If you’re in need of a Utah first-time homebuyer down payment, the team from Home Savings Fund can help. Contact us online today to learn more or call (855) 369-7283(SAVE).