Today’s Cache Valley Mortgage Market:
The atmosphere in today’s home loan market continues to change after the negative impact of overly-aggressive mortgage programs combined with unsound or unheeded mortgage advice. Many borrowers were improperly advised or demanded loan programs that did not serve their best interest and put them at a high risk of getting “upside down”. These loan programs are now placing undue stress on ill-advised or overly aggressive buyers and investors, and higher foreclosure rates and declining home values on a national level are the end result.
How does it affect you?
Your credit scores are more important than ever before! Your interest rate may be determined by the amount of your down payment or equity, and the quality of your credit scores. In addition, the lenient programs available earlier, no longer exist. The end result is fewer options and potentially higher rates.
The Good News!
- 100% financing for First Time Home Buyers is still available through the Utah Housing Corporation!
- Home loan interest rates are at historic lows!
- Loan programs sponsored by Fannie Mae and Freddie Mac as well as FHA, VA, Utah Housing, Rural Housing have changed, but are still available!
What should you do? Contact me!!!
Get the personalized mortgage advice you need to make an informed decision regarding your home purchase, construction, home equity or refinance needs. Dealing with a seasoned professional is more important than ever.