South Jordan

FREE Realtor Services
A lot of Home Buyers don’t realize that they do NOT pay for realtor services. All the Realtor fees are paid by the seller. It doesn’t matter if the seller is an individual, a company or even a bank –> the Home Buyer does NOT pay realtor fees.

Financial Contacts
Your Realtor can line you up with Financial people who can pre-qualify you for home buying; i.e. tell how much home you can finance. These same Financial people can determine if you qualify government programs that are now helping Home Buyers. Getting you to the correct Financial People can make the difference between purchasing a home or just having the dream.

Home Inspection and Home Warranty Companies
Realtors know highly qualified Home Inspection and Home Warranty Companies. These companies are extremely valuable in helping you make wise decisions while you are making the largest investment of your life. Home Inspectors can find property problems, unknown even to the seller, that can help you make the GO or NO GO decision. Home Warranty Companies, also very important, can cover your new home and appliances after your purchase.

So CONTACT a Realtor. It won’t cost you anything and you just might be pleasantly surprised!

When you’re shopping for a home loan, you need to compare interest rates and services and ask a lot of questions. This worksheet can help guide you in your search for a loan.

Ask This Question
I am buying a house and I am looking for a fixed-interest-rate loan/adjustable-rate loan. I plan to make a down payment of ________%. The house is priced at $__________________________, and I need a loan of $____________________. Based on today’s rates, what will my interest rate and discount points be if I apply for a loan today and lock in the rate for 60 days?

Notes
Rates and points can change daily. That’s why it is important to get rate quotes from different mortgage companies on the same day. It is also important to compare the companies on an equal basis, which is the reason for requesting a rate lock of 60 days. A written rate lock is a promise that you can have that interest rate for specified period of time. If you need a longer lock-in period, ask what is available. The longer the lock-in, the higher the discount points will be. One discount point equals 1% of the loan amount.

Ask This Question
What is your origination fee?

Notes
The origination fee is paid to a lender for processing the loan application. Typically, it is 1% – 2% of the loan amount.

Ask This Question
If I decide to lock in my loan at application today, will you provide me with a written lock-in agreement that will confirm the interest rate, discount points, the origination fee and the expiration date of the lock-in?

Notes
Don’t rely on verbal locks. Lenders routinely back out of verbal lock-in rates and fees.

Ask This Question
When I apply for a loan, will you provide me with a good faith estimate outlining all of my loan settlement costs before I pay for an appraisal and credit report?

Notes
Although federal law requires the lender to provide a good faith estimate within three business days after the receipt of an application, you should try to get one before you pay for your appraisal and credit report.

Ask This Question
I understand that you will need a credit report and a property appraisal after I have applied for the loan. How long do you estimate it will take your company to make a final loan decision from the day of application?

Notes
Many states laws require a lender to provide borrowers with a loan disclosure in writing that includes: the estimated number of days required to issue a commitment, whether fees are refundable, and the name and address of the person whom the borrower may contact with written
questions or complaints.

Once you are armed with a Letter of Prequalification from a financial institution you can begin your Home Search.

Home Search Steps
Step 1 – Choose a neighborhood. You can determine this by choosing schools, lifestyles, proximity to work, where friends and family live or anything else you can think of.

Step 2 – Sit down with a Realtor (they’re free to Home Buyers). Discuss number of bedrooms and bathrooms, yard and garage size and amenities you are interested in. Your Realtor will find homes meeting your criterea and make appointments for your to view them.

Step 3 – Never view more than three of four in one session or the homes will start to “run together”.

Step 4 – Review, with your Realtor, the likes and dislikes of the homes you viewed. At this point you can decide to make an offer on a home you’ve seen or continue viewing more homes.

By following these 12 Tips For Home Buyers you can speed up the process of purchasing a home. Even so, the process can take 30 to 40 days.

1. Get financial preapproval from the lender

2. Credit checks to correct errors

3. Be ready with an earnest money deposit.

4. Down payment can be $1000 or more

5. Estimate of Closing costs from lender

6. Home search

7. Make an offer and negotiations

8. Up-front loan fees for appraisal, credit check, etc.

9. Home inspectors on the property to find unknowns

10. Walk thru a few days before closing

11. Funds needed for closing

12. Buyer’s remorse is not unusual. Trust your planning and decision to buy.

.

One of your largest lifetime investments is the purchase of a home. And knowing the loan amount you qualify for helps determine how much house you can afford.

Any financial institution, whether bank or mortgage lender, will require extensive financial information from you including your current income and debts. This information helps the financial institution determine your qualifying interest rates, borrowing capacity and the grants you qualify for.

Armed with this information you can begin the Home Search.