The uncertainty of today’s housing market has left many eager and potential homebuyers “in a rut.” As a result, many are unsure what the future may hold for the market, but there is hope that the challenging conditions of 2023 may be relaxing. But, how and when that will happen are both still up in the air, especially following the Federal Reserve’s policy meeting on March 20th. Spring could mean the thawing of the frozen market and historically the start of one of the busiest times of the year, so let us address some of your questions and concerns. What exactly does it mean for rates to rem ..read more

Everyone says Gen Z is different, right? Well, this is truer than ever in terms of their approach to homeownership. Gen Z is purchasing homes at a younger age than their predecessors and getting in on the real estate game early.  Being a first-time home buyer in an ever-changing housing market can be discouraging, especially without an understanding of the home purchasing process. Many Gen Z individuals don’t know where to start to prepare for their purchase or what steps to take once they have found their dream home. Homeownership can seem like a confusing, unattainable feat, something r ..read more

Hearing news about people with good credit scores paying more for mortgages? Here’s why that’s not true. Did you see the recent news about a “new” tax on mortgage borrowers with higher credit scores? We know we did! Let’s separate some fact from fiction. FACT: Loan Level Price Adjustments (LLPAs) are changing on loans that are backed by Fannie Mae and Freddie Mac. LLPAs are fees that are charged to the loan through interest rate pricing, and are determined based on loan features like your credit score, loan-to-value (how much you put down), and other loan features. FACT: The fee structure tha ..read more

Found the perfect location to purchase but a not-so-perfect home? Tired of your current space, or maybe you need more room but aren’t sure if moving is the right option? That’s where renovation comes into play! Renovating a home might seem daunting, but it can be an exciting and rewarding experience! Fall in love with your home with a few cosmetic and structural upgrades. Whether they are minor changes, upgrading cabinets or adding a deck, a garage conversion, or a complete overhaul, we have some options to get you through your project.  Minor refreshes can give a home a facelift. Rearra ..read more

If you have student loan debt, you are certainly not alone. In fact, as of 2022, there are an estimated 44.7million Americans who have student loan debt, according to Education Data.org. Sure, student loan debt can be a roadblock on the path to homeownership. It can make saving for a down payment more difficult. Your student loans may also increase your debt-to-income ratio (“DTI”), which can influence your ability to qualify for a mortgage along with the rate you’re able to get. Also, missing a student loan payment can lower your credit score, an important factor in determining you ..read more

In some instances, a conventional mortgage isn’t enough to finance a home. That’s where a jumbo loan* comes in. Jumbo loans are an option for eligible borrowers who are interested in properties that are valued higher than the current conforming loan limits. Effective January 1, the Federal Housing Finance Agency (FHFA) announced that the 2022 conforming loan limits increased to $647,200. This means that any one-unit property valued over that amount would need to be purchased with a jumbo loan. There are high-cost areas across the country where the conforming loan limit may be higher and there ..read more

There are many options when it comes to choosing a mortgage company. While most offer similar loan programs and interest rates, working with professionals who care about top-notch customer service and personalized experiences for each individual borrower can make all the difference. This is where Silverton Mortgage excels. We’ve always believed in the power of teamwork and that is evident in our goal of maintaining the entire loan process in-house. This keeps everyone involved: borrower, real estate agent, and Silverton Mortgage. Our culture fosters an environment of success that is undeniable ..read more

While buying a home was made possible for so many in 2021, it was not always without difficulty. A housing shortage and rising prices created a market of fierce competition with bidding wars becoming a normal occurrence. The fears of an unstable economy and the uncertainty of a still-looming pandemic still cause many to question the future of homeownership in 2022. In this blog post, we’ll break down what you can expect this year in terms of the housing market and mortgage trends.    Rates  Mortgage rates have been historically low over the past few years but are expected ..read more

It’s no secret that the housing market has been a bit unusual this year. With low inventory and eager buyers, it has been a dream for sellers while nearly impossible for thousands of homebuyers who have been on the lookout for affordable options. Homes are receiving multiple offers above the asking price, which puts those who seek financing via a lender in a delicate situation. That’s because most lenders will not loan more than the home’s appraised value. An appraisal is when an independent third party evaluates a home to determine its current market value. Obtaining an appraisal is an impor ..read more

There is no denying that the pandemic has changed the landscape of the traditional office job. As the country began to shut down to help stop the spread of COVID-19, many transitioned to working from home, a possibility that seemed unlikely just months before. It did not take long to see that, with the help of technology, this arrangement has been much more agreeable for thousands of Americans. In fact, a recent survey has revealed that three out of five respondents say they would rather work remotely as much ..read more