UtahHomeHub Blog

1. Why do I need to talk to a lender before starting to look for homes?

Talking to our preferred lender will help you determine what you can afford. If you are a first-time homebuyer, there are also zero down programs our lender knows about that could be applicable to your personal situation. There are also additional costs associated with purchasing a home such as mortgage loan costs, appraisal, etc that our lender can help you understand everything that is included in the financial decision you are making. 

2. Why should I use Real Estate agent to help me buy a home? Can’t I just work directly with the seller's agent?

In an ultra competitive real estate landscape, having a high octane real estate professional who has seen it all and knows how to handle every situation will make all the difference during your home buying process. 

3. What kind of credit score do I need to purchase a home?

In most cases, you will need at least a 620 credit score or higher to get the best interest rate. The higher your credit score, the better your lending terms will be. Check in with us so we can get you in touch with our preferred lender for a no-obligation lending consultation.

4. How much money do I need for a down payment?

Many people shoot for a 20% down payment to avoid paying mortgage insurance. There are however several options including FHA (3.5%), Conventional (as low as 5%) and several 0% down options. The more substantial the down payment, the better your overall loan terms will be.

5. What are the costs outside the loan and the down payment?

Many new buyers do not understand all the out of pocket expenses that go along with purchasing a new home. A home inspection during the due diligence period is highly recommended which usually costs $350-$450. If you are getting a loan, another out of pocket expense will be the appraisal. This is usually around $400 and cannot be wrapped into the loan. There are also generally loan closing costs that you could end up paying for. You will need to consult with your lender regarding these and what options you might have.