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A Simple Way to Calculate Your Mortgage Payment   Introduction: Calculating your mortgage payment doesn’t have to be complicated! Whether you’re budgeting for a new home or just curious about how much you can afford, understanding the basics of mortgage calculation will give you a clearer picture. This post will walk you through a simple method to estimate your monthly mortgage payment. And if you’re looking for a more in-depth guide, check out our complete mortgage calculation guide for more details! Step-by-Step Guide to Calculate Your Mortgage Payment There are a few important factors that affect your mortgage payment: Loan Amount (Principal): The total amount you’re borrowing. Interest Rate: The percentage of your loan that you’ll pay in interest each year. Loan Term: The length of time over which you’ll…

Understanding the Annual Gift Tax Limit and Its Benefits for First-Time Homebuyers When it comes to gifting money, understanding the current tax laws can help you make the most of your generosity. In 2024, the annual tax-free gift limit is $18,000, and the lifetime exemption amount is up to $13.61 million. These limits can have significant benefits, especially for first-time homebuyers. Annual Gift Tax Limit The annual gift tax limit refers to the amount of money you can give to an individual each year without needing to file a gift tax return (IRS Form 709). For 2024, this limit is set at $18,000 per recipient. This means you can give up to $18,000 to as many people as you want, and neither you nor the recipient will need to pay…

Transform Your Almost Perfect Home into Your Dream Home Are you dreaming of turning your almost perfect home into the perfect space you've always desired? With Cornerstone's Big Box Home Enhancement Loan, you can make that dream a reality. Offering options for as little as 3% down and the ability to roll the cost of improvements into your mortgage, this loan program is designed to help you enhance your home with ease. What is the Big Box Home Enhancement Loan? The Big Box Home Enhancement Loan from Cornerstone is a streamlined solution designed to help homeowners finance small-scale projects, design customizations, and minor repairs. Instead of paying upfront, you can conveniently finance the cost into your mortgage, making home improvement more accessible and affordable. How Does It Work? Here's a…

If you're a homeowner or considering buying a home, you may have heard of mortgage points. These points can help lower your interest rate, but you might be wondering if they're tax deductible. In this blog post, we'll explore what mortgage points are and the rules for deducting them on your tax return. What are Mortgage Points? Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate on your mortgage. One point typically equals 1% of your loan amount. For example, if you're taking out a $300,000 mortgage, one point would cost you $3,000. By paying points, you can lower your monthly mortgage payments over the life of the loan. Tax Deductibility of Mortgage Points The good…

Making the Dream of Owning a Home a Reality In the face of soaring home prices, which have risen by an eye-opening 87.6% from 2018 to 2022 in Utah, Davis County is taking a stand to support its residents. With wages only increasing by about 11% statewide, the disparity between income and the cost of housing has made homeownership an elusive dream for many low to moderate-income families. This is why Davis County's Community and Economic Development has launched an innovative Homeownership Assistance program aimed at bridging this gap. A Helping Hand Up to $50,000 The program offers a one-time homeownership assistance loan of up to $50,000 to help reduce the primary mortgage needed, thereby making monthly payments more affordable. This loan carries a minimal 1% interest and is repayable…

Introduction Welcome to the world of mortgage rates, where numbers can make or break your home-buying dreams! With mortgage rates on the move, it’s crucial for potential homebuyers to understand when these rates might go down. That’s where we come in! In this article, we’ll explore the latest predictions on when mortgage rates will go down and how it could impact your decision-making process. Get ready to dive into factors that influence mortgage rates, such as the Federal Reserve’s actions and the benchmark range. We’ll also gather expert opinions and discuss their reliability. Lastly, we’ll talk about timing your purchase and choosing the right loan type for you. So, without further ado, let’s embark on this journey to discover when those elusive mortgage rates may finally take a dip! Factors…

When shopping for a mortgage, you may have come across the terms "fixed rate" and "adjustable rate." But what's the difference, and which one is the best option for you? Here's a breakdown of the pros and cons of fixed and adjustable interest rate mortgages to help you make an informed decision. Fixed Interest Rate Mortgages With a fixed interest rate mortgage, the interest rate remains the same throughout the entire term of the loan. This means that your monthly mortgage payments will also remain the same. Pros: Predictability: With a fixed interest rate mortgage, you know exactly what your monthly mortgage payments will be for the entire term of the loan. This can make budgeting easier and can provide peace of mind. Stability: Because the interest rate is fixed,…

Confused about Down Payment Assistance Programs? We can help! We have helped many people find and apply for the perfect down payment assistance program. Most people need help with down payment and closing costs when purchasing their first home. Down Payment Assistance mixed with the right First-Time Homebuyer Program can make homeownership attainable and affordable. Layton City - First Time Homebuyer Assistance Many First-Time homebuyers are unaware of the down payment assistance programs that are available to them on both a city and county level in Utah. We specialize in helping first-time homebuyers apply and obtain down payment assistance. Layton City has a program called At Home in Layton. The funds are available from a grant agreement with Layton city and HUD. There are a few things to know when…

Uncover the facts about reverse mortgages. Here’s a quick look at the most common reverse mortgage myths and the truths behind these misconceptions. MYTH #1: THE LENDER WILL OWN MY HOME IF I GET A REVERSE MORTGAGE. Truth: Definitely not true! As with any other home loan, as long as you meet the requirements of the reverse mortgage, you retain ownership and title not the lender.* MYTH #2: I DON’T OWN MY HOME FREE AND CLEAR, SO I CAN’T GET A REVERSE MORTGAGE. Truth: A reverse mortgage converts a portion of your home equity into cash. Even if you have an existing home loan, you could qualify for a reverse mortgage with enough equity in your home. MYTH #3: A REVERSE MORTGAGE HAS HUGE OUT-OF-POCKET COSTS. Truth: Many reverse mortgage costs…

WHAT IS A REVERSE MORTGAGE? This is a type of loan that converts some of your home equity into cash. Unlike a traditional mortgage, you don’t need to make monthly payments to pay back a reverse mortgage. * Because you don’t have to own your home free and clear to qualify, a portion of the reverse mortgage proceeds will be to used to repay any existing mortgage(s) on your home at closing. Interest and fees are added to the reverse loan balance over time. The balance is due once you no longer occupy the home as your primary residence. HOW DO I DECIDE IF A REVERSE MORTGAGE IS RIGHT FOR ME? Speaking with a licensed loan officer is great first step! Our team is approved to originate reverse mortgages, so you can count on us to help you make a well-informed decision.…