Buying a House in Cedar City UT

The First Step to Buying a House in Cedar City UT

The first step to buying a house in Cedar City UT is getting preapproved for a home mortgage loan. Through this process, we review your qualifying criteria (credit score, income, debt, etc.) to determine how much we can loan you. This way you can shop for your new home with confidence.

Mortgage Preapproval Explained

Here are some basic terms that are good to know:

Prequalification – The process of determining how much you can afford based on a basic review of your finances. This gives you an idea of what you can borrow. It generally does not require a formal mortgage application. I’m happy to help you with this process and it usually can be completed with a 5-minute phone call.

Preapproval – This is a more detailed review of your financial history. It gives you a more accurate idea of how much you can borrow. It typically requires a mortgage application. It is a wise decision to get preapproved before you start searching for your new home in Cedar City.

Approval – This is the final approval that we give after you have found a home and made an offer.

Being preapproved for a home loan helps you show that you are capable of buying a home. Being preapproved when you submit your offer to buy your Cedar City UT home is the next best thing to having the money in hand.

How to Get Preapproved

Here are some things you need to know to get approved for a mortgage in Cedar City UT.

Credit Scores – If you want to get preapproved for a loan you’ll probably need a credit score over 620. Don’t worry if it isn’t there, it doesn’t mean that you can’t buy a house. There are a variety of different loan programs and we work with you and help you clean your credit in order to get you qualified.

Down Payment – You will need to make a down payment when buying a home in Cedar City. We have many different loan programs available with low down payment requirements.

Income and Employment – To buy a house, you have to show that you have stable income and employment. There are many different sources of income and many different employment types. We know that everybody is different and we can help you with your scenario. We need to gain comfort that you can afford to make the monthly payments

We are the best mortgage banker in Utah. We help you plan for your new home in Cedar City and determine what monthly mortgage payment fits your budget.

So, contact me today so you can get ready to buy your new home.

Dave Loescher