Post Tagged with: "buying a house"

The Process of Buying a House in Ogden, Utah

real estate talking with a coupleOne of the advantages of buying a house in Ogden, Utah is the cost of the real estate. According to Zillow, the average home price is $188,500. It can increase by 2.6% in 2019, but it’s still significantly cheaper than that of Salt Lake City. A home may already be worth $352,000, and it has the potential to go up 3.4% the following year.

The process of buying a home in Ogden is also easy, but time-consuming and lengthy. A homeowner who’s not prepared or not aware how it works will surely make many mistakes. As an overview, to purchase a house in the area involves the following:

Pre-qualification

A potential homebuyer can skip this process, but they are putting themselves in a serious financial problem. This step helps them know how much the lender is willing to offer and the possible maximum price of a home they can get.

One of the biggest concerns is how much down payment the applicant can provide. The higher the amount, the better since it lowers the monthly amortization. They may also avoid paying for private mortgage insurance.

A down payment, though, is a lot of money. It’s about 20% of the total home price. Getting a down payment assistance in Ogden from firms like Wasatch Peaks Credit Union may be necessary.

Home search

After the homeowner is pre-qualified, they can already use the information to look for a house that fits their budget. A real estate agent or broker can help at this stage. A person, though, may have to look at about 10 houses before they can find the best one for them.

Offer

Once they have chosen a house, they should be ready to make an offer. The buyer’s agent can assist with this one. The goal here is to increase the chances of having the offer accepted. It may, therefore, help if the individual can provide an earnest money deposit.

After the offer, there may be a period of almost no activity. This is the time when the seller makes a choice, and the lender processes the necessary documents and closing costs in case the buyer wins the house.

Remember, this is the simplistic version of securing a house. For those who have never experienced it before, it may be confusing. Buyers can always benefit from having the right help.

May 31, 2018 at 6:41 pmStudy Section