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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.…

Here is a top ten list of questions you should ask before buying a home 1. What is my budget? We mean total budget, not just the sales price. Remember to include property taxes, insurance, any HOA fees, renovations costs and ongoing maintenance. 2. Did I get preapproved? Most realtors want to see that your pre-approved (many won’t even talk to you until you are!). So get preapproved to show you mean business. And we can help! Contact us today for a preapproval letter! 3. Why is the seller moving? This can be useful in seeing how motivated the seller is and can help in negotiating the price. 4. What comes with the sale? Make sure you get in writing what is included in advanced – the washing machine, stove,…

In the last few years many people began working remotely and interest in second homes has skyrocketed. Here is a primer for those considering a second home. The first step is where – do you want a vacation home by the beach or mountains, do you want to be near relatives. Do your research and use a local real estate for help with choosing the right area or neighborhood. Second is why – do you want a vacation house, a second residence if you spend a lot of time in an area for work or family or do you want an investment property? You can actually combine these and use a second home for vacations and AirBNB it while you’re not there (of course check local rules regarding this). Third…

There are a lot of benefits to being self-employed - you're your own boss but when it comes to getting a mortgage secured, its a slightly different process than traditional mortgages. It often comes with additional requirements and red tape. Here are some tips to help you get organized and approved if you’re self employed. Apply for a mortgage when your income is up (we know this is easier said than done) but lenders will look at your last two years income most closely, and if you’re income fluctuates its best to apply on an up year. This can help you qualify for a greater loan amount and lower interest rate. Get That DTI lower, your debt-to-income ratio is one of the key factors in getting approved. So you’ll want…