Top 3 Reasons to Consult a Lender Before Hunting for a Home


Couple talking to man in suit, going over documentsOnce you’ve taken a good look at your finances and felt for sure you can finally afford to buy a home, it’s easy to start hunting for one right away. Many first-time home buyers do the same. But it’s not a smart idea if you intend to apply for a mortgage to finance the purchase. The first thing you need to do is talk to a lender. Here are three reasons why:

You Get to Set Realistic Expectations

Few things are as disappointing as finding a home you really like and then realizing that you can’t afford it after talking to the lender. That’s why you need to speak with your bank first to find out how much loan you qualify for, how much down payment you need, the current mortgage rate in Salt Lake City, and so on. This way, you know which houses you should look at.

You Appeal More to Sellers

Most sellers aren’t too enthusiastic to negotiate if they discover you haven’t been pre-approved for a mortgage. This is especially true if you intend to buy in a hot real estate market. You need to prove that you’re serious about making the purchase. Showing that you can indeed sign the check catches their eyes, and the negotiation process goes much more smoothly.

You Learn about the Closing Fees

While you may have what you think is sufficient money for the down payment, you need to realize that there are closing fees too. You’ll need to pay points, title insurance, mortgage insurance, etc. Unless you talk to your lender first, it’s tough to get a sense of how much you’ll need to pay, and whether you have enough money in the bank to do so.

Buying your first home can be trickier than you imagine. By consulting a reliable lender, you can understand what’s involved and go through the process faster.

Interest-Only Title Loans: Attractive Benefits Borrowers Love


The beauty of applying for a title loan in Utah is enjoying flexible payment options, and one of them is the interest-only arrangement. This doesn’t free you of your responsibility to repay what you owe. Rather, you’ll get the privilege to take care just your monthly payment’s interest, and not worry about the principal over a certain period.

Utah Money Center notes that generally, interest-only title loans in Provo, Sandy, Taylorsville, and Salt Lake City have two attractive benefits that magnetize borrowers:

Keeping Your Costs to a Minimum

Since the interest is your only financial obligation about during the initial period, your title loan wouldn’t bite into your savings for a while. This could offer you a huge relief if you have many bills to pay. Instead of shouldering all of your expenses at once, an interest-only loan can help you prioritize bigger and more time-sensitive debts.

Having More Cash in Hand

If you have less cash now but expecting more later, the chance to settle just your loan’s interest portion is perhaps the break you need. Having more cash gives you more financial flexibility, keeping you from acquiring new debts.

Calculate Its Risks

Despite its great advantages, interest-only title loans are not without risks. Realize that your bill will inevitably go up once your loan’s regular amortization schedule kicks in. At the point, your balance will still be the same. Ready yourself for a larger monthly payment you’ll then have to settle the principal and interest concurrently. If you’re financially unprepared, you could lose your vehicle if you fail to repay the loan in accordance with the contract.

An interest-only title loan can be beneficial, but it requires a lot of consideration. If you think that it’s not for you, explore other payment options that can better suit your needs and unique situation.