Buying a home can be one of the most exciting adventures you can have.
It also can be one of the most overwhelming experiences, if you go it alone.
When you start looking at homes to buy the seller of those homes will have a real estate agent. That Agent represents the seller. You should have someone on your team to look after your best interest too!
What’s the best part of hiring a Realtor to represent you?
It is usually at no cost to you. In most circumstances the buyer agent fee is paid by the seller from the proceeds of the sale of their home.
So what is the home buying process?
We know on average you will typically start looking at properties up to 6 months before you are actually ready to buy.
Hey, that’s ok, we understand. In fact we this special website allows you to view compare and research homes on line for as long as you need. This provides you a thorough and extensive source for comparison shopping.
Subscribe to receive new listings, price change alerts and more. You control your price limits and areas! Compare homes in the same neighborhood. This is the latest and most up to date information available! Just like the local Multiple Listing Service the professionals use. The moment a Realtor lists a new property and places it on the MLS is when you see it! New hot priced homes are sent to your email instantly!
What is Agency?
In The State of Utah there are 3 types of Agency.
Buyers Agent – Agent who represents buyer.
Sellers Agent – Agent who represents seller.
Limited Agent – working with both parties “limited” because the agent cannot provide both parties with undivided loyalty, confidentiality and disclosure. For this reason, the Limited Agent is bound by a further duty of neutrality.
Many Factors Play Into Finding the Right Home
Do I need to be Pre-Approved?
Things you control to stay approved
Do make sure you stay current on your payments. One 30 day late could mean loan denial.
Do use your credit as usual. Changing your credit habits could raise red flags.
Do contact your mortgage professional before making credit or address changes.
Don’t Change Jobs.
Don’t apply for new credit. Including co-signing on a loan.
Don’t max out your credit cards or even use them.
Don’t consolidate debt.
Don’t close credit card accounts.
Where do I go for financing? Which Mortgage Loan is Right for You?
When it comes to getting a mortgage loan, home buyers have fewer options than they did even a couple of years ago. In the mortgage market you will find three basic types of loans.
Fixed-interest mortgage – FHA, Conventional and VA. Utah Housing Program
With a fixed-rate home loan, your interest rate remains the same for the life of the loan and the payment is split into equal monthly payments for the duration. In other words, it is amortized over the life of the loan.
Variable Rate – Unlike a fixed-rate home loan, which carries a static interest rate over the life of the loan, the interest rate on an adjustable-rate mortgage, or ARM, can changes every year. ARMs come in various permutations. For instance, a hybrid ARM features aspects of both adjustable and fixed-rate mortgages.
Hybrid mortgages can be anything from a three-year, five-year, seven-year or 10-year fixed interest rate period. After the fixed-rate period, the loan is amortized over the balance of the term with a rate that can adjust annually.
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