This blog was designed to keep Realtors and other real estate professionals informed about the changes, advances and problems facing the Utah mortgage industry. I'm an information junkie, my goal is to filter out the noise and pass on only the juiciest, most important information to you!
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Our friend and colleague Emily Osguthorpe Moore talks about construction loans in her latest newsletter. Since we get lots of questions about the financing to build a new home we thought we’d share what she wrote. Emily is a great Realtor and is expert at guiding her clients through the construction process. If you are contemplating building your dream home, please watch the short video below and call with any questions, or click the chat link above and we’re happy to help.
Making the decision to build a new home can be daunting. Many clients don’t know where to start and are weary of making a mistake. Don’t let this scare you, if you simply choose to work with the right professionals, you can leverage their experience and virtually assure yourself of a positive outcome.
One of the first things you should consider is how you are going to pay for the home. If you are going to finance, then you will need a construction loan. There are two common types of construction loans, they are the one time close and the two time close.
What a summer it has been! Zander is approaching his 4th birthday and the kid is getting scary big. It is so weird having another man (all be it, a little man) roaming your home. The kid looks like he’s 7 years old; it’s truly scary how fast they grow. Z-Man starts Rowland Hall this week and joins the big boys at school. I feel like college is right around the corner and I challenge myself to slow down and share as many personal moments as possible.
Aria is almost 3 and also starts preschool at the Winner School next week. She’s such a princess, often changing clothes 4 or 5 times in an afternoon just to end up in the Princess Anna dress from the Disney movie Frozen. How insanely different are little girls and little boys wired? So much fun to watch these two.
Speaking of insane… I’m hearing some of the best bond and mortgage interest rate forecasters call for significantly LOWER interest rates in the second half of the year.
And guess what? We are starting to see them. Last week I was able to help a client on a Jumbo No Closing Cost, 30 year fixed at 3.875%, the 15 year jumbo was at 3.375%.
Oddly enough, the jumbo mortgage rates have dropped below what conforming interest rates are at the moment. If you have a loan over $417k, you might want to look into a refinance. I can’t ever remember seeing Jumbo No Closing Cost rates so low.
So what’s the catalyst? Why are rates headed lower?
Our friends at Utah Cribs have created this great video about the Cottonwood Heights area, including their Cribby Fast Facts. We love this area for its easy access to Big Cottonwood and Little Cottonwood Canyons with the ski resorts and hiking, also for its great shopping and restaurants, gorgeous views of the mountains and lovely canyon breezes. Check this video out!