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By Real Estate Expert KathyOHomes

Mortgages Defined: Information from Park City Utah Real Estate Professional Kathy Opolski

Unless you are one of the approximately four percent of the nation's home buyers that pay cash, chances are you are going to need some kind of a mortgage. But before you start pulling credit and signing papers there are a few things that you should know, according to real estate expert Kathy Opolski with RE/MAX Associates. Having a little info ahead of time can save you heartache- and money.

There are many different types of loans out there and the selection is changing all of the time. When you start the loan process you may want to consider sitting down with your bank and seeing what they can offer. If you have been a loyal customer they may give you special savings for giving them the opportunity.

Many people go online to shop for a mortgage. Although it is convenient to do so, it can be an aggravating situation. Online lenders typically work in another state which means you will be at the mercy of returned phone calls for answers. If they are in a different time zone then it creates a whole new set of problems. Plus, a broker in another state may not be completely familiar with the lending guidelines in UT.

In recent years, more than ever, your rating will be determined by your overall credit score. A high rating rewards you with better options from lenders. Make sure that you do not get in the habit of having your credit pulled repeatedly by different lenders while you shop. This could negatively affect your score.

Depending on how much you put down will determine which loans you qualify for. Financing more than 80 percent means you will have to pay for either mortgage insurance, the V.A., F.H.A. or another third party group. This is their way of insuring the loan against default. These are all good loans, but remember if you can afford to put more down you may be saving on that insurance each payment.

To get more tips on financing your home purchase, contact real estate expert Kathy Opolski at 801-518-4599 today.

There is a lot of free information available about buying, selling or investing in Park City, Utah real estate.  For complete information about the Park City real estate market including foreclosures, short sales and more, visit the website dedicated to everything Park City Utah real estate.

For a FREE Weekly List of Foreclosed Homes with 4-5 Bedrooms in Park City, UT and surrounding Summit County, fill in the form below and you will receive home listings as they hit the market.  You will get all the hot listings as they come up even before most agents see them!

Just fill in the form below with your correct name and e-mail address and we will set it up to have the list automatically e-mailed to you.  Just add it in the comments if you have an interest in Short Sales and HUD homes too!

If you or someone you know are in need of a competent and caring real estate professional in or near Park City, Utah, I will be happy to help, just call me at 801-518-4599.

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