One of the biggest decisions anyone makes is when it’s time to buy a home. There are many questions to consider before making such a large purchase. Did you find the home that has what you’re looking for? Do you qualify for a home loan at Wasatch Peaks? And, most importantly, are you comfortable with the payments?
If you answered “yes” to all of those questions, you’re ready to become a homeowner! As you head into the housing market, we have some tips to help you find the perfect fit.
Maximize your down payment
The magic number for down payments has been established at 20% of the home’s value. While this will help you to have more equity in your home, a smaller down payment is still an option! Our mortgage team at Wasatch Peaks can help you utilize our down payment assistance programs.
Get less than you qualify for
While it may be tempting to push the limits of your mortgage approval, purchasing a house under your approved limit will help you to maintain a lower debt-to-income ratio. This will give you breathing room when it comes to your monthly budget and long-term savings.
Pick the right realtor
A good realtor can make a huge difference in not only finding the right house, but in the overall cost of the house. Take the time to research before choosing an agent by looking up licensing online, speaking to recent clients, and viewing their current listings.
Look for red flags
Although a professional inspection is a given before you sign on a new home, take time to do your own inspection. Verify the efficiency of the heating and cooling systems, ensure the roof is sturdy, open doors and windows, and test the lights.
Get a pre-approval
Having a pre-approval can give you the upper-hand when searching for a home. Not only can it help when bidding against other potential buyers, but it will allow you to search for homes that fit within your budget.
Understand your credit score
Your credit score is a big factor in your mortgage qualification, so it’s important to take the time to see where your credit score falls on the spectrum. Prime and super-prime credit scores will ensure you receive the best rates, though a lower credit score can be offset by a larger down payment.
Don’t go it alone
Wasatch Peaks is here to help you every step of the way during your home buying experience. We offer everything from Conventional Mortgages to Construction Loans to VA Loans. Make us your first stop so we can help you find the best options and rates for financing your home. Call our Pleasant View Branch at 801-476-6304 and speak with our mortgage specialists to get moving.