Welcome to the UtahHomeSellingTeam.com Blog

2018-02-23 07:22:14
Renting Vs. Buying

5 Questions to Ask Yourself, When temperatures , it can be hard to think about anything other than staying warm.

But if you've got a snow day, take a few hours to get your financial life in order. Answer these five questions and you'll be ready to make major decisions by the time the spring thaw comes.

Are you ready for homeownership? The decision to rent or buy is a personal one that depends on your financial situation, future plans and lifestyle. Buying may make sense if you plan to stay in your home for at least five to seven years and you're interested in building long–term equity. 

How's your credit? A decent credit score is important whether you're renting or buying. Landlords and lenders look at your credit score to decide whether you're likely to pay on time. Generally, the better your score, the lower your mortgage interest rate is likely to be. That means a good credit score saves you money in the long run. 

If your score isn't as good as you'd like it to be, you can improve it by paying your bills on time, especially car payments and credit cards. If you want to make even more headway, start paying down your long–term debts. If it's possible, put any extra cash toward the debts with the highest interest rates first. 

What if you don't have a credit score? Don’t worry. Lenders we work with have access to technology that can assess people without credit scores if they have payment references like records showing on-time housing payments.

How much can you afford? Fully understanding your finances is critical. It will not only help you determine your price limit, but it will also help you understand if your budget can cover a major repair such as a new roof or furnace if you choose to buy.

Do you have enough saved for a security deposit or down payment? If you've decided to rent, you'll probably need to put down a security deposit and pay one or two months of rent up front. That's a total of four months of rent in advance. 

If you're looking to buy a home, you'll need a down payment. Ignore anyone who tells you that you must put down 20%. Most homebuyers put down between five and 10%. And some products, such as Freddie Mac's Home Possible Advantage®mortgage, allow a down payment as low as three% of the purchase price.

After considering your answers to these questions, are you ready to buy a home? If so, the first step is to research lenders and find one that you're comfortable with. Don't have a lender in mine contact you local Real Estate Agent for referral, they can also answer some of your questions as to what to ask the lender.

Then, before you begin house hunting, it's a good idea to get pre–approved for a mortgage. This will allow you to negotiate with confidence – and close the deal faster so you can make your dream of homeownership a reality.

 
Blog Archive
2018-12-05 08:02:12
In 2019 Mortgage Payments to Jump 8.4%

2018-12-04 05:56:21
Financing for Manufactured Homes Coming

2018-12-03 07:16:21
Tale of Dual Markets

2018-12-01 08:01:47
Need to Sell Your Home this Winter?

2018-11-30 07:43:20
Buyers Pull Away From New-Home Market

2018-11-29 07:45:39
Mortgage Loan Limits to Rise in 2019

2018-11-28 07:42:53
Home Buyers and Sellers Should Watch in 2019

2018-11-27 07:10:44
Townhouse Construction is Expected to Increase

2018-11-26 07:55:12
Cities With Oldest, Youngest Homeowners

2018-11-24 08:24:08
Overall, December is the Best Time to Buy a Home

2018-11-23 07:29:39
Sluggish Home Sales came to an end in October

2018-11-23 06:43:53
Happy Thanksgiving

2018-11-20 09:19:16
How to Pet-Proof Your House for the Holiday Guests

2018-11-19 07:08:54
10 Great U.S. Ski Towns

2018-11-17 07:12:02
A Way to Keep Aging Parents Close to Home

2018-11-16 07:58:33
Huge Mistake to Take Your Home Off the Market for the Holidays

2018-11-15 07:55:35
Best Mortgage Advice I've Heard, Ever

2018-11-14 07:31:18
Tips to Help You Avoid a Rental Scam

2018-11-12 07:15:39
Buying a Home?

2018-11-10 06:03:39
Mortgage Rates Rise this Week

2018-11-09 07:36:01
Cheaper the Home

2018-11-08 05:56:20
Building Credit History From Scratch

2018-11-07 06:25:07
How to Get a Mortgage Without Freaking Out

2018-11-05 06:42:51
Home Prices Are Decelerating Not Falling

2018-11-03 08:09:28
First-time Homebuyers Transition from Renting

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.