Plan to Buy a Home Soon? Must-Know Tips for Mortgage Shopping

A home in Orem, Utah, is a major life purchase – for many of us, it’s the biggest financial transaction we’ll ever make. As such, mortgage shopping is incredibly important.

Home loans are long-term commitments, and while shopping around for the best mortgage takes time and effort, not doing so could end up costing you thousands of dollars. Fortunately, the more prepared you are when you begin the search for home financing, the easier the process will be. Below, you’ll find expert tips that should prove helpful when you start shopping for a mortgage.

mortgage Orem

Know How Much Mortgage You Can Afford

You’ll want to look for a home in your price range, and you’re going to need a mortgage that works with your budget. Figure out what you can afford first, either by analyzing your income and debts, using an online home loan calculator or consulting with experienced mortgage professional.

Be Aware of the Types of Mortgages Available

Orem home buyers can choose from a range of financing options – and while conventional loans are popular, government-backed financing is a better choice for some. Before you begin mortgage shopping, take time to gain a general understanding of the different types of home loans.

Check Into First-Time Home Buyer Programs

If you’re a first-time home buyer, you may qualify for one of the many programs designed to help people become homeowners. Down payment assistance may be within easy reach, and you might even be able to buy a home with no money down. Clearly, finding out about these programs is worth your while.

Gather the Documents Mortgage Lenders Need

When you have all of the information you need to begin shopping for a home loan, go ahead and gather all of the information mortgage lenders may need. With recent paystubs, tax returns from the past year, a few months’ of bank statements and other financial documents at the ready, you’ll be able to avoid delays.

Shop Around to Find the Right Mortgage

Getting pre-qualified for a mortgage lets you know your chances of actually getting financing, but most lenders need you to apply for a mortgage before they can provide a rate quote. To effectively shop for a home loan, you’ll have to apply with multiple lenders, compare offers and choose the best deal. Aim to get all of your quotes within a few weeks, and your credit score won’t get dinged multiple times.

Would you like help with mortgage shopping? Intercap Lending, a leading home loan provider serving home buyers throughout northern Utah, is here to guide you in securing financing that meets your needs. We’ll shop around for you, and you can count on our team to find your best mortgage solution. To get started, contact our Orem, Utah, office today.