Today’s Mortgage Market:  The atmosphere in today’s home finance 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 programs that did not serve their best interest and put them at a high risk of getting “upside down”. These 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 only a few months ago, no longer exist or are now restricted to only a select few borrowers. The end result is fewer options and potentially higher rates.

 The Good News!  Conforming programs sponsored by Fannie Mae and Freddie Mac as well as FHA, VA, Utah Housing, Rural Housing, and other similar products have had few changes and their rates are still very near historic lows. Utah is also a fairly stable market overall, with areas such as Cache Valley experiencing very sustainable rates of appreciation and a few pockets still growing well above the national average.

What should you do?  Get the personalized financial advice you need to make an informed decision regarding your home purchase, construction, home equity or refinance needs. Call 752-1414 today and schedule a free consultation with one of the seasoned professionals at Cache Valley Bank - Mortgage Services.

Please review our website and contact us.  The sooner you do, the sooner you can own your own home.