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Lender in Pleasant Grove Utah

Do You Need a Mortgage on a Home in Pleasant Grove Utah?

Buying real estate in Pleasant Grove Utah is much easier when you are pre-qualified for a loan. Fortunately, there are a variety of lenders and financing options to choose from in Utah County. Do you need a lender to get a mortgage on a home in Pleasant Grove Utah?

Mortage Brokers in Pleasant Grove, Utah

A lender works as a middle-person. The lender is responsible for finding lenders for borrowers or borrowers for lenders. They are the people you need to talk to if you need a mortgage on a home in Pleasant Grove Utah. Mortgage brokers usually have many different working relationships with many different lenders. It is important to ask about the actual services being offered by a lender because these will greatly vary from broker to broker since they usually work for different lenders. They will also have various prices, interest rates and terms. Get a good faith estimate from any mortgage broker you are considering hiring.


Private Individuals

Any private individual with enough money saved can be a source for a real estate loan. Of course, a private individual will have to comply with all of the necessary laws regarding such transactions which usually include such things as interest rates, service fees, and all additional charges.

A private lender will have to provide the disclosures that are legally required for such a transaction.  A private loan on a home is very uncommon in Utah County. I have seen some people loan money at a higher interest rate for a short duration. This is a little like a bridge loan for a few months or a few years. I have also seen some wealthier family members loan money on homes for their relatives.

Credit Unions in Utah County

Credit Unions in Utah County have some advantages over the other lending institutions such as never having to pay federal taxes and other tax related expenses. This allows credit unions to offer very attractive interest rates and loan terms that are better than the other loan sources. The catch though is that you have to become a member of the credit union before you can get a loan with a credit union. Every credit union follows a unique set of qualifications required for membership. We have many good credit unions in Utah County. I have seen many buyers get loans on homes thru credit unions over the years.

Online Internet Lenders

You can also find internet loan sources if you need a mortgage on a home in Pleasant Grove Utah.  You will have to be extra diligent if this is the option you choose though because there are many scams online.  Furthermore, the process of acquiring loans from such sources is usually more stringent than the other available options. I would steer clear of online internet lenders and work with a local lender that you can meet face to face. I have closes several loans with online internet lenders. Some have worked out fine while a higher percentage have been a nightmare.

If you still have trouble figuring out how to finance a home in Pleasant Grove Utah, you can call Team Teasdale Realty to ask for their professional opinion on how to finance that new home you’re planning to buy. Paul Teasdale has been selling homes in Pleasant Grove since 1995 and has a degree in finance from Brigham Young University.

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Saving for a Down Payment on a Home

One of the biggest problems in buying a new home in Pleasant Grove, Utah is finding the down payment necessary to make the purchase. In the good old days Banks used to require as much as 50% of the total price as down payment before they would lend the rest of the money as a mortgage. Can you imaging if that rule still applied today. It would be very difficult to buy or sell a home. Unfortunately, many buyers use their home as a equity ATM machine which drives them more into debt.

Today, the down payment required by banks in Pleasant Grove is closer to around 3% but that is still a big amount of money that a lot of people struggle to come up with some cash. Your average person does not save money. Are you saving for a down payment on a home in Pleasant Grove, Utah?

If you are buying an investment property in Pleasant Grove the banks will require around 20%. If you are buying land and not getting a construction loan at the same time you will need around 50% down unless you wrap it into a construction loan.  If you are planning to buy a home in Pleasant Grove Utah, here are some tips you can use to help you when saving for a Down Payment on a Home in Pleasant Grove, Utah.

Save your extra money for a home in Pleasant Grove, Utah

Saving is the first thing you can do to come up with the money you need to buy your new home in Pleasant Grove, UT. The easiest way to do this is to decide how much of your total income you are willing to save for your home and stash that away regularly every payday or every month. For example, if you decide you could save $500 dollars a month, you could save $6,000 dollars a year. Place this money in a separate bank account and do not touch it. Build a cash reserve before shopping for a home.

Ask the Seller to Pay Your Closing Costs

Home sellers in Pleasant Grove, Utah can be very helpful to home buyers.  This is especially true if you come to terms with the seller and buy it as his asking price.  Some may pay closing costs while some may pay for repairs.  We find most sellers will pay the buyers closing costs in Utah County. If a seller pays your closing costs this will decrease the amount of money you will need to bring to closing when buying a home in Pleasant Grove, Utah.

Coming up with a down payment may be hard. Once you have a down payment start shopping for a home. If you are planning to buy a home in Pleasant Grove Utah, consider calling Team Teasdale Realty. Paul Teasdale can help you find a good mortgage broker that can help you get a loan.

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