“Should I wait until mortgage rates come down before I buy?”

Preview text: Today’s mortgage rate matters, but so do the price, seller concessions, loan program and how the entire deal is structured.

“Should I wait until mortgage rates come down before I buy?”

It’s a fair question.

Mortgage rates are still one of the biggest challenges facing buyers. But I think there is another part of the conversation that is getting overlooked.

The interest rate is only one piece of the deal.

Here in Northern Utah, buyers may have opportunities today that they didn’t have when homes were receiving multiple offers almost immediately.

Depending on the property and seller, there may be room to negotiate things such as:

• Purchase price
• Seller-paid closing costs
• Temporary or permanent interest-rate buydowns
• Repairs
• Financing-related concessions

Not every seller will negotiate, and every transaction is different. But this is why I don’t think buyers should make a decision based on the advertised interest rate alone.

Look at the whole mortgage picture

Let’s say you find a home you really like.

Instead of simply asking, “What is today’s rate?” we can look at several ways to structure the financing.

Would you be better off negotiating a lower purchase price?

Would seller concessions help more by reducing your closing costs?

Could those funds be used toward an eligible interest-rate buydown?

Would a different loan program reduce the amount you need upfront?

Could down payment assistance or a grant program be available based on your situation?

There isn’t one answer that works for everyone.

That is exactly why we take the time to run the numbers.

You may have more mortgage options than you realize

Depending on the borrower and property, we can explore options including:

Conventional financing

FHA, VA and USDA loans

Utah Housing and other down payment assistance programs

Grant programs for eligible borrowers

Renovation financing

Programs designed for some self-employed borrowers

DSCR financing for real estate investors

And additional specialty mortgage programs for situations that may not fit traditional bank guidelines.

Not every borrower will qualify for every program, and sometimes the simplest loan is still the right loan.

Our job is to figure that out before you make a major financial decision.

Why working with an independent mortgage broker can matter

Village Mortgage is an independent mortgage broker.

We are not limited to the loan programs of one bank or one credit union.

We work with multiple wholesale lenders, which allows us to look at different loan programs, guidelines and financing structures based on the individual borrower.

Sometimes the solution is a conventional loan.

Sometimes it isn’t.

The goal is not to fit you into a loan. It is to understand your situation first, then look at the options that may fit.

Thinking about buying but not sure it makes sense yet?

You don’t have to be ready to buy tomorrow.

Let’s simply look at the numbers.

We can compare different purchase prices, down payments, seller concessions and loan programs so you understand what the payment and cash needed to close could look like.

Then you can decide whether buying now, waiting, or making a different plan makes the most sense for you.

No pressure. Just information so you can make an informed decision.

Juli Gleed
Village Mortgage, Inc.

All loans are subject to credit approval. Programs and guidelines may change without notice. Equal Housing Lender. NMLS #91658.