The Salt Lake City housing market is very competitive and for first-time home buyers, it can be particularly intimidating. However, with the right checklist, securing a mortgage and landing the perfect house can be more than just a pipe dream. Here are five things to check off your list as you look for your first mortgage.

Number one— don’t give up before you start. Many would-be first-time home-buyers convince themselves they could never afford a home before even seriously looking into a mortgage. It’s no secret that home prices in Salt Lake City are on the rise, but if you’ve looked at one of those online calculators and been discouraged, don’t put aside your dreams of home ownership just yet. Those calculators rarely show the whole picture. After all, there is quite a bit that goes into the pre-approval process for a mortgage. You may have more going for you than you think, and a mortgage lender can help you see that.

The second thing to do is organize all of your financial paperwork. You’ll need to gather all your recurring bills (car payments, insurance, and so on) to get a good picture of your monthly expenses. You’ll also need to gather the paperwork for any outstanding debt you may have, such as student loans. Finally, you’ll want to pull together the paperwork for all incoming capital, such as pay stubs or your offer letter. And don’t forget to look at your savings as well.

Once you have all of your financial paperwork in one place, and a good idea of where your finances are at, it’s time to research loans. You’ve probably heard of a conventional mortgage loan, but there are others to consider, many aimed at helping first-time mortgage seekers, such as an FHA loan or a FirstHome loan. Take a look at the different requirements and benefits of the different kinds of loans and determine which ones you want to discuss with a potential Salt Lake City lender.

Fourth— ask for recommendations. Do you know anyone who has recently purchased a home? Ask about their lender and whether or not they would recommend working with them. Recommendations can save you a lot of time googling and provide you with the peace of mind that you are working with a lender that a trusted source has vetted.

Finally, don’t be afraid to get multiple quotes. Just like you might try more than one dealership when buying a car to get the best price and service, you are more than welcome to go to more than one lender in your search for the best mortgage for your Salt Lake City home.

Graystone Mortgage offers home mortgages in Salt Lake City. To get started on your homeownership process, contact our loan officers at https://graystonemortgage.com.