So much is changing with the housing market, and understandably, many of our customers have questions about mortgage options, building timelines, and home availability. You may fear you’ll miss out on the home of your dreams because you don’t have enough of a down payment. Or maybe you’re wondering if your credit score will hold you back from being a homeowner. To help alleviate your uncertainties and shed some light on mortgages today, we asked one of our preferred lenders, Jackson Ogden from First Colony Mortgage, the top four questions that we are asked most often by our customers.
#1 How much do I need for a down payment?
Contrary to popular belief, you don’t need a full 20% down to buy a home. There are options to put down less than 20%, even as low as zero down in certain situations. Buying your new home may take less money than you think — 3%, 3.5%, and 5% down payment options are very common.
#2 How long does the preapproval process take?
In most cases, we can have a preapproval completed within one business day after receiving an application and a few pieces of documentation. It’s quick!
#3 Does a mortgage preapproval cost anything?
No, there is no expense or payment needed for us to do your Sego Homes preapproval. It’s completely free to you.
#4 What if my credit score is too low to qualify for a mortgage?
We are happy to look at your credit report and give you tips on how to improve your score! The great thing about new construction is that it takes time for your home to be built. During the building process, in most cases, there is plenty of time to make credit adjustments to your financial habits and improve your credit.
For qualified homebuyers, it continues to be a great time to build a new home at Daybreak in South Jordan, UT! For more information, please contact us at 801-850-2040, or feel free to Contact Jackson directly to discuss your loan options.