Buying a new home may be one of the most important investments you will make in your life. It may also be both an exciting and terrifying time to go through. The adventure of finding or building the house of your dreams and making it your own can be a rewarding experience but unless you’re buying it outright with cash, the process may also become difficult and frustrating, especially if you are not familiar with everything that’s involved.
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While there are many wealthy individuals who can afford to buy with cash, many do not have that luxury. Some would rather make the investment through a loan. According to the National Association of Realtors, only about 33% of homes purchased have been made through cash. This means the majority take out a mortgage or home loan to make the purchase. The latter can be a tedious and complicated process. It means evaluating your current financial condition and capability and then getting the difference from a mortgage loan to afford your new home. A Utah mortgage consultant can help you through that process. He can tell you what you need to find out, what it means, and how it will affect your new home decision.
The mortgage process can be a long one beginning with your application. It consists of filing documents and submitting information on your credit history and financial capability. Lenders require proof of identity, proof of income, and details on your financial circumstances, among other personal information. The lender then conducts a valuation on the property you are interested in as a basis of deciding to grant you a loan and how much. After a positive report, a formal mortgage offer will be given and upon your acceptance, “conveyancing” or the legal work will begin before it is all done. To make matters more complicated, there are several mortgage companies and lending institutions all vying for your attention with different offers on rates, terms, and other conditions. Determining what kind of mortgage is right for you, how much you can afford, navigating paper-work and dealing with lenders are just a few of the things you need to go through. Again, a Utah mortgage consultant can help alleviate the pain of the process.
Call Larry Fry at 801-356-1200! He offers a free consultation and may even be able to get you on the right path right over the phone. When Utah needs a mortgage guy, they call Larry Fry.
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