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2019-02-13 03:50:56
How To Get A Home Loan, What to Look For In A Mortgage

How To Get A Home Loan?

How To Get A Home Loan

Have you ever wondered how to get a home loan? You’ll need to apply for the loan first, but perhaps more importantly, you will need an above-average credit score (ideally above 580), and it helps to build yourself a budget to determine potential payment costs and to seek pre-approval by a mortgage lender before visiting the bank.

Since this is one of the most monumental investments you can make, the Hammer Team at St. George Luxury Home Sales is here with some vital information regarding obtaining a mortgage.

What Is A Mortgage?

Most prospective homeowners simply don’t have enough cash to purchase a house right off the bat. When faced with this dilemma, many people opt to take out mortgage loans from the bank to help them complete their purchase. Mortgage loans are then repaid a little bit each month for up to 10, 15, or even 30 years or more. There are three different types of mortgage loans: fixed rate, adjustable, and balloon mortgages. Fixed rates have the same interest rate throughout the repayment process whereas adjustable rates can change over time. Balloon mortgages are the best choice for those looking to sell their home after a short period of time.

What To Look For In A Mortgage?

A good place to start is searching for a bank or a lender that doesn’t charge too much of a down payment. Most reliable lenders charge between 3-5% up front. Prospective buyers will have the option between credit unions, mortgage bankers, mutual savings banks, and correspondent lenders. You’ll want to shop around for the best down payment percentage and the best rates of interest. Use this leverage to ask questions about pricing and turnaround times and to read any fine print that lenders slip your way.

How To Get A Mortgage Loan?

One of the most important things when it comes to acquiring a loan is discerning your credit score. The better your credit score, the more bargaining power you have. The next thing to do is get pre-qualified for your loan which boosts the chances of having your offer accepted. Pre-approval assures prospective loan sellers that you mean business, making the entire process easier. You might be wondering how to get pre-approved for a mortgage loan? Hammer Team Realty has the tools you need to get pre-qualified right here on our webpage or on the phone! With our easy loan calculator, you can find out just how much you’ll need to help you buy the home of your dreams. You can even submit a loan request directly through our interactive menu!

Apply Today!

Once you have your loan, all you need to do is find the right home for you. Next month is St. George’s Annual Parade of Homes: the perfect opportunity to do some house-hunting. It starts on Valentine’s weekend and lasts for ten days, giving prospective homeowners ample opportunity to find the property of their dreams in one of the most beautiful cities in America. So what are you waiting for? Pick up the phone and call Hammer Team Realty today to get pre-qualified for a mortgage loan today!

 
Blog Archive
2019-02-13 03:50:56
How To Get A Home Loan, What to Look For In A Mortgage

2019-01-11 16:34:44
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2018-10-24 06:38:19
How To Find New Homes For Sale

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2018-09-05 11:57:47
Can’t Decide Where to Retire in Southern Utah?

2018-07-20 07:59:27
4 Things to Know About Utah’s Luxury Homes

2018-07-20 07:58:50
Our Homes in St George Utah Are “Luxury”: But What Does That Mean?


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