Find the Right Home

Finding the RIGHT Home

You can explore your loan choices and shop for homes at the same time. Once you’ve learned about the available loan options, talked with a Utah mortgage broker, received a pre-approval letter, and selected the kind of loan that’s right for you, there’s not much more to do in the mortgage process - until you find a home you want to purchase.

Once you have a specific home in mind, you’re ready to move on to the next phase in the mortgage process.
 


Remember Your Budget and Priorities

As you shop for houses, you’re likely to encounter homes that you like that stretch your budget. Before you fall in love in with a home that’s more than you planned to spend, ask yourself if you can afford it and whether it’s worth it.

If you’re considering a low-down payment conventional loan, there are also private mortgage insurance options to consider. If you’re not sure what the cost difference might be between two or three kinds of loans, ask your Utah mortgage broker to give you detailed worksheets for each choice, and compare them side by side.
 

Find the Right Real Estate Agent

Most people work with a real estate agent to shop for homes. Real estate agents are paid by the seller of the home so that you do not need to worry about any additional cash to close.


When You Find the Right Home

It’s a good idea to make your purchase offer and sales contract contingent on obtaining financing and contingent upon a satisfactory inspection. That way, if you’re unable to get a loan, or if the inspection turns up serious flaws in the home, you’re not contractually required to buy the home.
 


Avoid Pitfalls

Do your homework before making a final decision on a real estate agent. Ask for references.