Homebuying Tips From The Salt Lake MoversWith the economy not being so good, many of the homes for sale are at bargain prices these days, especially compared to the past when real estate was booming. It may be a great time to buy for many people, especially with all the incentives and tax credits floating around. However rules and regulations surrounding mortgages have become more strict and it’s harder to get loans. So the Salt Lake City Movers with the help of MSN is bringing you several homebuying tips and advice you can use to make a great deal.
The first piece of advice is to consider an adjustable-rate mortgage. The most popular type is the 5/1 ARM which carries and introductory rate the lasts five years and then changes annually afterwards. The introductory rate of a 5/1 ARM is of course lower than the rate on a 30-year fixed. So it’s great for those who think they’ll be able to sell in five years, before the monthly payment become more expensive. If you plan on staying in the same home for a long time, then a fixed-rate is probably better for you and your family.
The article on MSN suggests you get your loan earlier on if you’re planning on buying a home. Most mortgage experts believe that rates will go up once the mortgages go off the Federal Reserve support, meaning they stop buying mortgage-backed securities.
The Salt Lake City movers remind you to also know your credit score. Until recently, you needed a credit score of 720 to get the best combination of fees and points. Now, you need a score of about 740. Make sure you fix your credit before you apply for a loan. Get rid of outstanding debt if you can too.
When you’re looking to borrow money to help you buy your dream home, make sure you ask for three or four scenarios so you can compare one with another. Don’t focus just on interest rate, consider discount points and loan types.
Know what the market is like, people are still taking on bigger mortgages then they should. Use the Federal Housing Administration be your guide in terms of what of debt you should take on. The FHA caps borrowers’ house payments at 31% of pre-tax monthly income.
We hope that these homebuying tips from All My Sons of Salt Lake City and MSN help you buy your dream home. And when you do, don’t forget to call us for a hassle-free move. The Salt Lake City movers are an experienced team of movers with plenty of successful moves under their belt, including commercial and long-distance moves. The Salt Lake City local moving company has also moved more complicated furniture and belongings including pool tables, pianos, fitness equipment, major appliances and so much more. We’re a licensed and insured moving company so you have nothing to worry about. Call All My Sons of Salt Lake City when you’re ready to move into your brand new home.