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The Cost of Waiting to Buy a Home

The Cost of Waiting to Buy a Home

March 7th, 2018 | Home Buying Tips, Interest Rates

Thinking of waiting another year or two to buy a home in Utah? If home prices and mortgage rates increase in the next year or two, home buyers in Utah could end up with significantly less buying power than they have today.

Today’s mortgage rates are near historic lows. But they aren’t expected to stay that way. Various housing groups and economists are predicting mortgage rates will rise to between 4.5% and 5% by the end of the year.

The National Association of Realtors also is expecting home prices to increase in 2018 by an average of 3.2 percent nationally, with the highest appreciation predicted in the lower price ranges, which are in high demand. The combination of higher home prices and higher mortgage rates could make for a mortgage payment that’s significantly higher than it would be if the home were purchased now.

There are, of course, many other factors that come into play in the decision to buy a home, such as how long you plan to stay in your home, the stability of your job and how much money you’ve saved up for a down payment. If you’re thinking about purchasing a home, visit us and we’ll help you crunch some numbers.



Your Local Utah Mortgage Broker

As a Utah mortgage broker we work with several different mortgage lenders, enabling us to offer you a variety of mortgage programs at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more options to help you achieve your goals. Whether you're buying a new home or refinance your current home, Advanced Funding is here to help. Our loan professionals are available to help you during regular business hours or time that is more suitable to your needs. Call today for more information, 801-272-0600.

Utah VA LOAN ADVANTAGE

Veterans Affairs mortgages, better known as VA loans, make it easier for veterans to get financing to buy a home. Utah VA loans usually do not require a down payment and are available to military veterans and active military members. The Utah VA mortgage remains one of the few mortgage options for borrowers who don’t have the money for a down payment. VA loans are somewhat easier to qualify for than conventional mortgages. It offers a great benefit to those who are serving or have served our country.

Advanced Funding Home Mortgage Loans
6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

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