TALK TO A LOAN OFFICER
If you haven’t already, make an appointment to speak with a loan officer. Your loan officer can give you two very important pieces of information: 1) What you qualify for, and 2) Your estimated monthly payment. Even though these two numbers are related to each other, they aren’t the same thing. You may qualify for a house that puts your monthly payment way over what you’re comfortable with. In general, many lenders advise that your total debt payments (mortgage, student loans, credit cards, etc) should total no more than 36 - 40% of your gross income. So, it’s important to look at your monthly expenses and determine how much of a house payment you feel like you can afford. Most people are usually driven by that monthly house payment and not how much they qualify for.
Your loan officer can also give you a good idea of what your interest rate will be. Interest rates fluctuate over a period of time. For every 1% interest rates go up, your monthly payment goes up by 10%. So make it a priority to sit down with your loan officer to discuss these things. If you don’t have a loan officer that you already work with, call us! We’d be happy to recommend one of our awesome trusted partners who have years of experience working with homeowners.
MEET WITH A TRUSTED REAL ESTATE CONSULTANT
Meet with a trusted real estate consultant...and hopefully that means us! We’ll find out what’s important to you when it comes to buying a house. Taking the time to talk to us about your goals for homeownership means we’ll be able to better help you find the perfect home!
If you’re thinking about building, you should know it typically takes about 120-150 days. You may not realize the importance of having representation when you build, but trust us, you definitely want someone on your side. When you have a real estate consultant on your side, you have an expert who is looking out for your best financial interests, can help you negotiate terms, and manage the process at each construction milestone to make sure you’re not missing out on anything important.
So if you’re considering buying a home in the next 3-6 months, reach out to us now! Make your dream of homeownership a reality. Contact a member of the BHURDinUtah team today. We’ll get you on track so you’ll be ready to buy your dream home!