By Kaylea Fiscus | Founder & Realtor, Waypoint Realty Group
Buying a home is one of the biggest financial decisions you'll ever make. Whether you're purchasing your first home, relocating to Utah, or preparing for your next chapter, understanding the process can make all the difference.
With more than 14 years of combined experience in mortgage lending and real estate, I've seen firsthand how preparation, education, and the right guidance can help buyers make confident decisions.
At Waypoint Realty Group, we believe buying a home shouldn't feel overwhelming. It should feel like you're taking the next step toward something exciting.
Here are seven things every Utah homebuyer should know before beginning their journey.
1. You Don't Need 20% Down to Buy a Home
One of the biggest misconceptions about buying a home is that you need a 20% down payment.
The reality? Many buyers qualify for mortgage programs requiring significantly less.
Depending on your financial situation and eligibility, options may include:
Conventional loans: Some programs allow down payments as low as 3%.
FHA loans: Eligible buyers may qualify with as little as 3.5% down.
VA loans: Qualified veterans and military service members may purchase with no down payment.
USDA loans: Eligible properties and borrowers may qualify for zero-down financing.
Utah also offers down payment assistance opportunities for qualifying buyers.
The key is understanding which programs fit your financial goals rather than assuming homeownership is out of reach.
2. Getting Preapproved Should Be One of Your First Steps
Before falling in love with a home, it's important to understand what you can comfortably afford.
A mortgage preapproval helps establish your purchasing power by reviewing factors such as your income, credit, debts, and available funds.
But here's something I always emphasize:
Just because you're approved for a certain amount doesn't mean you need to spend that amount.
Your monthly payment should support your lifestyle, not control it.
Working with a knowledgeable lender early can help you establish a realistic budget and prepare to make an offer when the right property comes along.
3. Your Credit Score Isn't the Only Thing That Matters
Many potential buyers delay purchasing because they believe their credit isn't good enough.
While credit scores play an important role in mortgage financing, lenders consider several factors when evaluating a borrower.
These may include your income, employment history, debt-to-income ratio, assets, and overall financial profile.
Even if you're not quite ready to purchase, having a conversation with a mortgage professional can help you identify opportunities to improve your position.
Sometimes the best first step toward buying a home is simply developing a plan.
4. The Purchase Price Isn't Your Only Expense
When budgeting for a home, it's important to look beyond the listing price.
Depending on your transaction, additional expenses may include:
Earnest money deposits
Home inspections
Appraisal fees
Closing costs
Property taxes and homeowners insurance
Moving expenses
Initial home maintenance
The good news is that some expenses may be negotiable, and certain loan programs allow seller contributions toward eligible closing costs.
Understanding these expenses upfront helps eliminate surprises along the way.
5. Your Real Estate Agent Should Be More Than Someone Who Opens Doors
Finding homes online has never been easier.
But purchasing a home involves much more than scheduling showings and submitting an offer.
An experienced Realtor helps you evaluate properties, understand market conditions, negotiate terms, navigate deadlines, and identify potential concerns before they become expensive problems.
Your agent should also help you understand the entire transaction, including inspections, financing contingencies, appraisal requirements, and closing procedures.
A good Realtor doesn't simply help you find a house. They help you make an informed investment in your future.
At Waypoint Realty Group, education and communication are central to how we serve our clients.
6. Utah's Housing Market Isn't the Same Everywhere
One of the most important things buyers should understand is that real estate is local.
Market conditions in Salt Lake County may look different from those in Davis County, Weber County, or Utah County.
Even neighboring communities can experience differences in inventory, pricing, competition, and buyer demand.
For example, someone relocating near Hill Air Force Base may have different priorities than a first-time buyer looking for a home in Salt Lake City.
Understanding the local market can help you determine where to focus your search and how to approach negotiations.
Rather than relying entirely on national real estate headlines, work with someone who understands the communities you're considering.
7. You Don't Have to Be Ready to Buy Tomorrow to Start Planning Today
This might be my favorite piece of advice.
You don't need to be purchasing a home next week, next month, or even this year to begin preparing.
In fact, some of the most successful homebuyers start planning months before they're ready to make a move.
That preparation might include improving credit, building savings, researching neighborhoods, understanding financing options, or simply learning how the process works.
Having a plan gives you direction and allows you to make decisions on your timeline.
And when the right opportunity presents itself, you'll be better prepared to take advantage of it.
Your Next Chapter Starts With a Plan
Buying a home is about more than finding the right property. It's about making decisions that support your financial goals, lifestyle, and future.
Whether you're a first-time buyer, a military family relocating to Utah, or someone preparing for your next move, you deserve guidance that's honest, knowledgeable, and focused on your best interests.
At Waypoint Realty Group, our mission is simple: provide the education, communication, and personalized service you need to navigate real estate with confidence.
With a background in both mortgage lending and real estate, I bring a unique perspective to the homebuying process, helping clients understand not just the transaction, but the financial decisions behind it.
Thinking about buying a home in Utah?
Let's start with a conversation. No pressure, no obligation. Just answers to your questions and a plan built around your goals.
Waypoint Realty Group
Your Compass in Real Estate.
