Getting a Mortgage 101: Real Forehead-Slappers
Homer
Simpson smacks himself in the forehead every time he says it: D’Oh!!!
When it comes to knowing how mortgage basics have shifted
in today’s changing banking environment, few of Utah’s homebuyers have kept current enough to avoid meriting that kind
of forehead slap. It’s no wonder. The average family delves into the real
estate market no more than once every five to seven years, so they don’t worry
about getting a mortgage day in and day out. It’s my job as agent to bring
clients up to speed throughout the buying process, which often begins and ends
with getting a mortgage in Salt Lake City and Beyond...
Among the most common current misconceptions:
If
you are among those believing that all lenders are legally required to charge
the same fees for credit reports and appraisals…D’Oh! In order to
create more competitive lending quotes, some banks waive all charges for these
services. And other lenders may charge higher fees for the same services – all
of which is why it’s so important to speak with multiple lenders.
When a couple is getting a
mortgage jointly, do you (like so many) believe the primary borrower
The
real estate slump from a few years back has many believing that getting a
mortgage in Utah (or anywhere else) will
require at least a 20% down payment. Sound like you? If so (you guessed it): D’Oh!
With as little as 3.5% down, buyers can often qualify for a mortgage through
the FHA, available to everyone meeting the minimum lending requirements. Other
loan programs are offered through other agencies like the Department of
Veterans Affairs (VA) and the Department of Agriculture (USDA).
Thinking getting a mortgage in Salt Lake City or beyond anytime soon? Getting approved is Step One in the buying process — if
you’re ready to get going, make the next call to me today!
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