If you are a first time home buyer in Utah, then consider yourself lucky. Utah is very accommodating when it comes to first-time home buyers due to the variety of mortgage assistance services and down payment grants that make it easy to acquire a new home. Although not all cities and counties participate, you’ll find some great help by following the tips below.
First, check the selling prices of homes in the area where you want to move. Some real estate websites like Zillow.com and Homegain.com can give you an idea of what you can expect to pay. You might also want to do a quick search of actual Multiple Listing Services (MLS) in that area by visiting the National Association of Realtors website.
Next, make sure that the home you’re planning to purchase is well within your budget. You can use mortgage calculators available online to see what your monthly payments will be like. Be sure to include taxes and homeowners insurance because in some areas, the amounts you need to pay for these items can almost double your monthly mortgage payments.
Meanwhile, you can get an idea of what you’ll have to pay for insurance by getting an estimate from your local insurance agent. You might also want to visit sites that publish property tax information for homes all over the country. Just keep in mind that local tax laws involve intricacies and exemptions that can create significant differences between what the outgoing homeowner currently pays and what you will have to pay as the new homeowner.
In addition, always look at the big picture. While having your own home is ideal, maintaining it can be expensive. If you’re used to having an apartment landlord who takes care of repairs, you’ll have to ready yourself for the costs of new appliances and repairs at your new home. These costs can severely drain your bank account if you’re not prepared.
Finally, do business only with reputable mortgage lenders such as the Altius Mortgage Group. These companies know the ins and outs of mortgages in Utah, and can help you find the most suitable mortgage plan for your needs. With their help, the process of owning your first home should be much easier.