Buying a home is a major decision you’ll have to be completely sure about before you take the first step. You need to know more about the process, work with a certified real estate agent, and prepare your finances so you can make the best decisions and not regret anything in the end. To help you out, here are some numbers you need to be familiar with because they will help you make the right decisions.
This amount is the national average balance homeowners are still responsible for paying for their mortgage. This may be more or less for you depending on your down payment and the total price of the home you want to buy.
This is the average number of years people and families usually spend living in a house. This is important because the number of years you’re planning to stay in a home can help you decide whether to get a fixed-rate mortgage or an adjustable one.
There are 77% of homebuyers who don’t even apply to get a loan from multiple lenders. This actually is an alarming percentage because not applying to multiple lenders doesn’t give you the chance to compare different mortgage rates in Utah and ultimately end up with the best deal for you. You should consult with at least three.
This is the percentage of buyers who don’t even know how to apply for a mortgage loan or what information they need to go through the process. If you are part of this number, you may need to read up some more on how to buy a home. Better yet, hire a real estate agent to help you throughout the process and answer all of your questions.
Knowing more about the home buying process will greatly help your decision making. This way, you can come fully prepared when you finally decide to start searching for a home to call your own.