Salt Lake City Real Estate Tips, Market Updates and

Local Happenings

By Real Estate Expert KathyOHomes

Now, during the recession and what is called the credit crunch, the lending practices of banks have changed. In order to get a home in the Greater Salt Lake City/Park City real estate market it's important to stay abreast of how the recession will impact your ability to get a mortgage. Here's how things have changed.

Remember that the Greater Salt Lake City/Park City real estate market is a very promising market to live in. If some adjustments need to be made because of the financial circumstances of the economy, it's well worth it.

Banks have started being a little bit more cautious when it comes to lending. It is recommended that consumers now have a credit score above a 720. A score like that can be pretty high for most people. However, just because lenders are getting a bit more strict when it comes to credit scores, doesn't mean you won't be able go get a home in Greater Salt Lake City/Park City. Another thing that should change because of the recession is the down payment.

Prior to the recession, many lenders were very lenient on whether or not you had to pay a down payment. Now, most lenders will require one. In fact, nearly all lenders will want borrowers to make some form of a down payment in order to qualify for a loan. Experts say that the size of the down payment could vary. However, borrowers should expect to put down approximately 3.5%.

Lenders are also getting stricter on documentation. Now borrowers will be required to provide document verification that will prove both their income and assets. These requirements are quite a leap from the easy housing boom prior to the recession. During that time, lenders were eager to give home loans to just about anything that walked into the office, but not these days.

Consider shopping around for just the right lender. This is because the credit crisis has not affected all the banks in the same way. The avenues for getting credit for a home in the Greater Salt Lake City/Park City real estate market are extremely diverse. For instance, some lenders did not involve themselves in sub prime lending. Therefore, they are able to give out loans at a lower markup than many of their competitors.

You'll want to take the time you have now and save up for the down payment. Since this is the credit crisis, cash is becoming very important. You also don't want to be flat broke when you end up closing on the mortgage. There's something else you usually have to pay called closing costs and many people unfortunately forget about these. Getting a home in Greater Salt Lake City/Park City can be a positive experience even during a recession. You just have to know what you are up against.

Greater Salt Lake City/Park City is an incredible place to live. You don't want to miss out because of today's financial crisis. For more professional help with finding a home in Greater Salt Lake City/Park City contact a real estate agent at 801-365-3150 or you can use the email address KathyO@KathyOHomes.com .

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