Page 14 - Homeowners Manual - Utah

GETTING STARTED - BUYERS

Getting Financing
If you plan to finance your home purchase, it’s crucial to start the mortgage loan process well before
buying a home; even prior to the bidding process�

LOAN OPTIONS - Talk with loan officers at financial institutions, mortgage companies or savings and loan
institutions to reveiw the types of loans that are available and/or applicable to you and compare rates�

FIRST-TIME HOMEBUYER - If you are a first-time homebuyer, you may have the potential of qualifying for
mortgage programs with little money down, low interest rates or federal programs that give beneficial rates�

FINANCIAL HISTORY - By having good credit history and a limited debt load, you should gain a better loan
rate� However, if your current credit score is less than ideal, ask your financial representative how to improve
your score and earn a better rate�

PREAPPROVAL LETTER - Once you’ve chosen a loan and lender, it’s important to get preapproved and obtain
a preapproval letter� To do so, a loan officer will need to review your credit files and discuss exactly how much
you can borrow� Be sure to show your preapproval letter to your real estate professional before you begin
looking for homes�

Why do I need a real estate professional?
Buying a home is one of the largest investments you will ever make� A real estate professional can
research homes that specifically meet your criteria and provide access for you to preview homes,
helping you narrow down your list of potential properties� Homes differ and so do contract terms,
financing options, inspection requirements and closing costs� When you’re ready to make an offer, a
real estate professional can assist you with negotiations, and guide you through the process once your
offer is accepted�

9