Frequently Asked Questions
HOW MUCH DOES IT COST TO BUY A HOME AND HOW DO I GET STARTED?
There are several things that make up the costs of buying a home. There are closing costs on top of any down payment even on loans that are 100% financing. Things like title and appraisal fees, home owners insurance premiums, underwriting and processing fees, mortgage insurance, Home Owners Association transfer fees, agent broker fees, and points. Depending on the rate you choose you can have reduced fees or use the rate to cover the fees. This all comes down to how long you plan on keeping the home. If the home is long term or move that 5 years, you are better off with the lower rate and pay the extra fees. If less than 5 years, you are better off raising the rate to offset the closing costs. But plan on 1-3% of your new loan amount to cover the fees for a mortgage. Call me today and let me run the numbers for you to help you better decide what rate to fee combination works best for you and your family!
WHAT ARE THE CURRENT MORTGAGE RATES IN UTAH?
Rates are just like insurance in the sense of layering risks. There are many risk factors that go into a qualifying mortgage rates like credit score, debt ratio, time on the job, self-employment verse w2, loan to value and many more. Many of the rates you see advertised are the best loan rates available only to the best possible clients. My job is to fit the best possible loan and program to my client’s needs and scenario! And crazy as it seems sometimes the lowest rate ISN’T the best loan for a client. Let me prove it to you! To get a custom AND accurate rate for what you will actually qualify for, let’s talk!
WHAT CREDIT SCORE DO I NEED TO HAVE TO QUALIFY?
Credit scores are the starting point for just about any loan program and the higher the credit score the better! There are so many ways I have helped my clients get their credit scores up but it can take some time to starting sooner than later will ALWAYS help your file to get approved at the best possible rates! We have loans as low as a 580 credit score but sooo many loan options really kick in with a 620. Then at 660 even more open up! Knowing why your score is the way that it is and the best ways to raise your score in the shortest time can get you into a home faster! I have seen many people start to work on their credit and actually go backwards because they do it wrong! Let me help you!
HOW MUCH MONEY DOWN WILL I NEED AT CLOSING?
There are loan programs that offer 100% financing but having a down payment can open the door to more lending options. You DON’T need 20% down and in fact this is often NOT the best way to go. Let me prove it to you with a free review of all the lending options you qualify for!
WHAT IF I HAVE PREVIOUS BANKRUPTCIES?
There are two types of bankruptcies most commonly a Chapter 7 or a Chapter 13. A Chpt 13 is where you make scheduled payment back to the trustee and usually retain more of your possessions. A Chpt 7 is different in where more of your items are forfeited and the debts discharged. Both of these types of bankruptcies have different waiting period from when you can buy a home again but generally you will have a 2 year waiting period before you will be able to buy again without paying much higher rates and terms. But the most important thing to work on is repairing and rebuilding your credit score. That is were I can help! Let’s talk today and get you on a plan to get the best possible rates and terms once those waiting periods are over! DON’T wait until the BK is over. Lets talk now!
HOW LONG DOES IT TAKE TO CLOSE ON A HOUSE?
We can close in as little as 10 days but out average for last year was 24 days. Most contracts are set for a 30-40 day window to also allow things like Home Inspections. This is where starting early can make a HUGE difference. Not only can we gather the paperwork needed to get a head start but we can also strengthen the file to get you the best rates and terms. I can’t tell you how many times I have seen people go under contract and have a 30 day window to close and if we would have had another 30 days to work on debts or credit scores, they could have gotten a better loan. Let’s start today!
WILL YOU WORK WITH MY CHOSEN REAL ESTATE AGENT?
I have had the great privilege of working with great agents and builders during my time in this field. I’ve seen them at their best and worst. If you are looking for a referral I can help but I have worked with just about everyone and love to opportunity to network with other real estate professionals!