Utah has an impressive homeownership rating of 69.9%. And while the cost of real estate here is higher than the national average, there are other factors that outweigh this from a homebuyer’s perspective. High employment rate, good median household income, a wide array of booming industries, and the state’s natural beauty are only some of them.
How interest rates look in Ogden
As one of the top-ranked cities in the Beehive State, Ogden has current mortgage rates that would grab your attention. Yes, the average fixed-rate mortgage interest went up from the start of the year’s 4.20% to 4.30%, but the trend shows that it has become more stable, especially when compared with the rates in other states. The housing market shows greater favor towards the 15-year fixed mortgages, as their average managed to stick to 3.49%.
Making the most of the improving market
Once you’ve determined that your gross monthly income, debts, monthly expenses, credit score, and savings (for making a down payment), you should start planning for your home loan application right away. The considerable improvements that the city’s and the state’s housing market has undergone after the Great Recession make it a little easier for consumers to grasp their dream of becoming homeowners.
Financial aid from the right institution
Don’t immediately sign a contract with the first lender you consult. You have many different options when it comes to lending institutions, and the interest rates they charge differ. This means that you most likely will still find a company that offers a better rate.
Never forget to compare offers, especially for something as big and long-term as a mortgage, as this will help you get the best possible deal. Remember that even a slight interest rate difference of .05% can already mean hundreds of dollars in savings.