First-Time Homebuyer FAQ: Honest Answers You Actually Need

• Buying your first home is exciting—but it also comes with a lot of questions, conflicting advice, and Google rabbit holes you don’t have time for. If you’re looking to buy in growing areas like Saratoga Springs or Eagle Mountain, this guide breaks things down simply and realistically.

• Here are the most common questions I get from first-time buyers—and the answers that will actually help you move forward confidently.

1.  My biggest concerns are affordability and cost of maintenance.  Why should I give up the “security” of renting to become a homeowner?

• Rents will inevitably increase, as proven over time.  We will make sure we get you into a mortgage payment that is fixed, or even better, we’ll negotiate desirable terms to help you pay a lower monthly mortgage payment over the first year or two.

• Regarding maintenance, is spending $30,000 a year paying rent for $0 return worth not investing in yourself and your future?   A few things I want to say about this: 

1. What if I told you that for your first year of homeownership, I would ensure your major appliances/systems are covered by a quality home warranty?  Appliance breaks?  You make one phone call or even file a claim online, and within a day to a week a technician either repairs or replaces said appliance at only the cost of a tiny deductible, usually $100? 

2. So you pay $100 that year, and the remaining $29,900 went back to investing in yourself with an actual return, instead of spending $30,000 on rent with $0 return.   

2.  How much money do I really need to buy a home?

• You might be surprised to learn that there MAY be programs out there to help you get into your first home with little to no money down.  Qualification for these programs vary, and we will explore every option available to you.  Most first-time buyers here purchase with:

• • 3%–5% down payment

  • Closing costs: ~2%–3% of the purchase price, but we will explore programs to help you cover this and/or work to negotiate the seller covering some/all of these costs 

  • Earnest money: Usually refundable if you cancel for approved reasons

  • Home Inspection:  Cost varies with add ons, size and type of home, etc, but you should plan for around $400-600 as a baseline.  Add ons will cost more. 

  • Appraisal:  Normally around $700, but cost can vary

There are also down-payment assistance options, lender credits, and seller concessions depending on the market.  



Bottom line: you may not need 20% down to get into your first home!  With me as your Realtor, we will explore multiple options that work best for you and your goals. 

3. What credit score do I need?

• Most lenders can approve buyers starting around:

  • 580 for FHA loans

  • 620 for Conventional loans 

  • If you are looking to use a VA loan or another loan product, give me a call to discuss further!

You don’t need perfect credit to become a homeowner.  If you’re not there yet, I can help connect you with a lender who will walk you through a credit-boosting game plan.

4. What’s the first step?

• Call or text me now!  801-678-9759

• We will work on the next step together, which is getting pre-approved with a solid lender.

• Pre-approval shows:

• • How much you can afford

  • What loan programs you qualify for

  • Your estimated monthly payment

  • Your required cash to close

It also makes your offer stronger when you find a home you love.

5. How long does the buying process take?



Typical timeline:

• Pre-approval: 1-2 days

• Finding the right home: A few days to a few weeks depending on your needs, goals, and availability. 

• Under contract to closing: ~30 - 60 days

If you’re renting, I can help you align your closing date with your lease so you avoid double-paying.

6. Should I be concerned about interest rates?


Short answer: No.


Here’s why:

• For the same reason you wish you bought years ago - the value of homes is going to continue to increase.  Rates will constantly change.  Like I mentioned at the beginning of this article, there may be a few things we can negotiate to help secure a lower rate now, or for at least a few years.  

• Have you heard the term "marry the house, date the rate?"  Yeah, not my favorite either, but refinancing in the future may be an option if rates drop significantly in the next few years.  

• Rates change—your principle payment will be fixed.  (Full disclsoure that your overall payment may increase slightly overtime to account for property taxes and any changes to your homeowners insurance rates - these are minor when compared to the increase in rents and the fact that paying rent nets you $0 in return.)

7. Do I really need a realtor as a first-time buyer?

Absolutely. A few reasons:

• I protect you through inspections, appraisal, and contract deadlines.

• I know Utah's unique neighborhoods, growth patterns, and resale considerations.

• Your own representation(the listing agent typically works for the seller, not you)

• Protection from costly contract mistakes

• Professional negotiation power to secure optimal price, repairs, and other terms

• Full project management from pre-approval to closing

• No up front out-of-pocket cost for representation

• Support from a professional through every step

It’s not about finding the home or opening doors.  


It’s about protecting and supporting you through one of the most expensive purchases of your life. 

8. How do I know if now is the right time to buy?


Consider:

• Don’t you wish you’d have purchased 5 years ago? 5 years from now you is going to wish you’d have bought now. 

• Is your income stable?

• Are you tired of paying your landlord's mortgage for them?

If you’re unsure, we can talk through your situation together—no pressure, no sales pitch.

Ready to explore your options?


Whether you’re months out or ready now, I’m here to guide you with clarity and zero overwhelm.

Reach out anytime—text, call, or WhatsApp me at 801-678-9759—and let’s turn your rent into RETURN!