First Time Home Buyer

First Time Home Buyer - Frequently Asked Questions

Do I need a Real Estate Agent to buy my home?

How do I determine how much I can spend on a home?

What is the advantage of buying a new home? Don't prebuilt homes include more features?

Should I wait until the housing market "bottoms out" before I buy?

I've never bought a home before. Why shouldn't I keep renting until the housing market improves?

Does Ence Homes offer a warranty?

Will you build a home on my lot?

What is your current rate?

What is my credit score?

Q: Do I need a Real Estate Agent to buy my home?

A: It isn't necessary to have an agent. Our sales professionals are extremely knowledgeable about our homes and communities, financing, and the entire home-buying process. However, we welcome real estate professionals and are happy to work with them to find your dream home. If you are currently working with an agent or choose to do so, he or she must accompany you on your first visit to an Ence Homes community in order to register your agent/client relationship.

Q: How do I determine how much I can spend on a home?

A: A comfortable monthly mortgage payment should not exceed 28% of your monthly income. However, the cost of owning a home involves more than just the purchase price. It is important to realize that things like the initial down payment and closing costs will need to be paid, along with insurance, property tax, and utilities; usually on a monthly basis. There are several first time home buyers programs available which could cover down payments and closing costs. For more information on different programs or to get prequalified see our Preferred Partners page.

Q: What is the advantage of buying a new home? Don't prebuilt homes include more features?

A: New homes have distinct advantages over pre-owned homes. Because of today's advanced technology, building materials are frequently more durable and more effective. For example, materials used to improve energy efficiency didn't even exist just 20 years ago. Plus, new homes offer more options for personalization, never-used mechanical systems such as your HVAC and appliances, and of course, that brand new look and feel. Pre-owned homes just don't compare.

Q: Should I wait until the housing market "bottoms out" before I buy?

A: No one can predict the "bottom" of any downturn. This is the best time to buy a new home in more than two decades. Right now, interest rates are low, financing options are abundant, and there's a great choice of homes. Waiting could result in rates going up and housing choices going down. And meanwhile, your family will miss out on the benefits of living in a brand new home.

Q: I've never bought a home before. Why shouldn't I keep renting until the housing market improves?

A: The downturn in the housing market is actually a great thing for you as a buyer - you can benefit from reduced prices, a better selection of new home designs, and historically low interest rates. Plus, as an owner, you get to enjoy tax advantages, and you'll be building equity for yourself and not your landlord. Our online sales consultants can answer any other questions you may have, and they'll show you how easy it is to buy a new home.

Q: Does Ence Homes offer a warranty?

A: Yes, all the homes we build are covered by our New Home Warranty and Protection Plan. We build our homes with quality products and exceed the industrial building practices. Plus, we have a thorough quality assurance system to ensure our homes meet our high standards. All this, and warranty coverage, is designed to give you complete confidence when you purchase a home with Ence.

Q: Will you build a home on my lot?

A: Yes, Ence Homes understands the importance of building your dream home at a location that fits your lifestyle and family needs. Sometimes the perfect new home lot is in the shadows of a mountain or along the sloping banks of an arroyo. Ence Homes has been building premier quality homes in the St. George, Utah and Mesquite, Nevada areas for over 50 years, and are still building homes for customers who already own their own lot and are looking for just the right builder who can offer a single-source solution that will save time and money.

Q: What is your current rate?

A: Your rate will be based on a few things. The type of loan product chosen that best fits your situation, credit worthiness, loan amount & term of your interest rate lock.

Q: What is my credit score?

A: A Tri-Merged Credit Report will determine your credit worthiness and score when you are home searching or looking to refinance. This helps to determine your available loan products and rate. However, beware, of letting just anyone pull your credit report because too many inquiries in a short period of time could hurt your scores. The higher your score the better.

Contact Geralann at PrimeLending, A PlainsCapital Company, our Preferred Lender, for more in-depth answers to these or additional questions you may have.