Is it the right time to make a move into real estate?  That is a question that a lot of first time buyers are asking themselves.  Below is a reality check list to help first time buyers know if they are ready to buy.

• Get your finances in order-Before you buy, you need to make sure that your credit is in good shape.  You need to review credit history and know your credit score. You will also need to have enough money set aside for a down payment.  It’s also important not to put all of your money towards the purchase of a home in case of extra expenses afterwards.

• Do not look at homes that you cannot afford-Before you look at homes, you will need to establish your purchase power upfront to determine what you are approved for.  This way you will not set your sights on a home that you cannot afford. At this time, you should also be looking at special loans available from FHA and other government sponsored loans for first time home buyers.

• Get familiar-Familiarize yourself with the process and terminology associated with buying a home, make sure you have a realtor that you trust to help explain the process.

• Interest Rates-There are a lot of misleading mortgages with low rate promises and no contingencies for those who have great credit.  Rates are based upon many different factors and the loan isn’t locked until the application is accepted.

*Basis Point-A term used in the mortgage industry which simply means 1/100^th of 1%.

*Closing costs-These are the fees required to process and close your loan.

*FHA-Federal Housing Administration

*FRM & ARM-Fixed rate mortgage loan is a loan where the interest rate stays the same the life time of the loan. ARM is an Adjustable-Rate Mortgage with variable interest rates.

*GFE-The Good Faith Estimate is a document explaining all costs involved in getting a loan.

*TIL-The Federal Truth In Lending Form document that tells you the costs and fees of the loan.

*Lis pendens-An official notice that there is a pending lawsuit over real estate.

*Per Diem Interest-Interest you pay per day.

*Underwriting/Underwriting fees-Underwriting is the process that the lender performs to qualify a borrower for a loan.

*Warranty deed-A legal document guaranteeing the seller has a right to sell a property.

Last but not least, find a realtor that you believe will make the right fit with you to help you find the home of your dreams.  A realtor will become a life- long partner in buying and selling real estate.

Now is a great time to buy or sell in the Ogden area.   Do you need help to take  advantage of this historic time?  You may contact me anytime.