5 Mortgage Tips for First Time Homebuyers
If you’ve never bought a home before then, you probably have no idea where to start. If you live in the Salt Lake area and are looking to make your first big purchase, keep reading. Below are five tips to help you get started with a mortgage if you are a first time home buyer.
Pay Off Your Debts
Understandably, not all debts can be paid off in a timely fashion, but to qualify for a good mortgage, then having little to no debt will only help you. The debt to income ratio is a very important factor for lenders. Research shows that the more debt someone has, the more likely they are to default on their loan. Less debt means a better rate!
Save Up for a Down Payment
Before you apply for a mortgage, save as much money as possible, and make a down payment on the home. The higher the down payment, the lower the monthly payment.
Get Pre Approved for a Loan
Once you feel that you have saved enough money for a down payment and have paid off your debts, the next step is to get pre-approved. Pre-approval letters will show a buyer that you have serious intentions and they will take you more seriously.
Go House Hunting
What’s the point of saving for a home if you’re not going to find the perfect one? Once you know how much you can afford, the search for a home is narrowed down, and it makes your life easier.
Make an Offer
Once you have found that dream home, make an offer! If your offer is accepted, then you will go through the final approval process. Before you know it, you will be a first time home buyer!
Give this company a visit or a call today if you are interested in first time home buying in the Salt Lake, Utah region. They will guide you through the process and relieve you of your worries. They have several branches in the area, so there will be someone there for you wherever you are to help you along.
Graystone Mortgage provides mortgages in Salt Lake City to homebuyers in the area. To see if they can help you, give them a call today!