When thinking of buying a new house, you should know the mortgage process when buying that home in Tooele Utah.
Generally one place is the same as another when it comes to getting a home loan, but today there are some things out here that are a little different.
Some of the most obvious are :
- Product Choices
- Pre Qualification Parameters
- Select a Lender
My good friends at Keeping current matters posted a helpful article about things about getting a housing loan in general. I invite you to read that and then take a look at the comments I made on getting a mortgage loan in Tooele County.
and why you should be working with a local loan officer.
The Mortgage Process: What You Need to Know
- Many buyers are purchasing a home with a down payment as little as 3%.
- You may already qualify for a loan, even if you don’t have perfect credit.
- Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.
Thanks to KCM for that generic info on getting financing for your house.
Now, let me talk about some issues that pertain only to property in Tooele County. At least some items that may be different than borrowers would expect.
Mortgage Product Choices
Almost all lenders offer the same basic products. They may be packaged differently and carry a name or number that make them seem more official, but most loan officers have the same access to the same source of funds.
But…. Tooele County is one of the few communities in the Salt Lake market that still offers the USDA rural housing no money down loan.
That’s right home buyers that qualify can buy a house in Tooele County with zero down payment. That’s zero, zilch, nada.
If cash for a down payment has been a problem for you in the past, that product can be the way to solve it.
Mortgage Pre-Qualification In Tooele UT
Usually the loan pre qualification is not given a lot of thought. In many cases lenders give an outside $$$ limit that they would be willing to lend and you base your search on those numbers.
A word of caution here. Actually two.
- Don’t try making an offer before you have your pre qual letter. Property is moving so fast that most agents will discourage a home seller from even looking at offers where the buyer cannot show proof they can qualify for a mortgage.
- I would suggest that you don’t try to look (or buy) all that is allowed by your lender. Most offers on good Tooele listings have multiple offers. You will want to leave yourself some wiggle room in case you need to up the ante.
Interview Local Tooele County Lenders:
We are always on the side of “buying local”. Even if you sometimes need to pay a little more. This time we are REALLY advocating going local when choosing a lender. And it wont cost you more.
But what you will get is a money partner that is familiar with local programs (USDA) and has experience with some of the local issues.
Some local lenders specialize in certain types of property loans, IE large parcels, mobil homes, unincorporated areas and homestead rights. These local folks can lead you to knowledgeable Title Companies that can take care of any title issues.
Your local Tooele agent can help with this. They know what lending partner delivers the goods each and every time.
So…. We get to the reason behind this post. I want to apply for that job. (or better said, those jobs). I would like to help you:
- Find a lender.
- Select the appropriate loan product
- Provide a search website for you to look at and save all the listings in Tooele County or neighborhood you are interested in.
- Show new listings each day that might be of interest
- Schedule appointments to look at houses listed.
- Determine and advise on value
- Help determine offering strategy
- Present the offer to home owner (thru their agent).
- Negotiate the offer
- Get offer accepted
- Follow thru on your behalf to closing
- Get you the keys.
- NOT CARRY YOU OVER THE THRESHOLD
In other words, I want to do for your family what I have done for hundreds of Tooele County families over the past 23 years.
Check out my bio about Berna Sloan, see some of the lending articles I have written about home mortgages, and then call me Berna Sloan 435-840-5029.
I know the mortgage process when buying that home in Tooele Utah.