Tag - utah refinance

Dealing With Rising Interest Rates

Since the beginning of the year we have seen rates slightly increase, however rates are still low when compared to the rates before the pandemic.

I highly recommend acting sooner than later if you are wanting to make a change related to your mortgage.

My team is watching the market daily and listening to reports from experts, to help you navigate the market and find the opportune time to move forward with your refinance or purchase.

If you have any questions about the market, purchasing or refinancing feel free to give me a call. I am here and happy to help!

“Refinanced our home with Danie Wolf…”

"We just refinanced our home with Danie wolf. She answered all of our questions and was very friendly. Our experience with them was great and the process was so fast and smooth. 10/10 would recommend." -R. Torabi

“Conveniently Available Electronically to Accomplish the Refinance as Easily as Possible”

"They saved me money by giving me the best rate and closing costs I could find after looking at multiple places. His staff is terrific (Maria and others) in communicating and such. They also use technology very well in having all forms and applications made conveniently available electronically to accomplish the refinance as easily as possible. I also like the title company they used with us (Kristi at Novation Title)." -S. Pead

Refinance Ahead of Predicted Rate Increases

Interest rates have reached their highest level in six months. As the Fed have begun tapering their purchase of mortgage bonds, rates are likely to continue rising in the next few months

Basically, this means if you're still on the fence about refinancing, it's time to get moving!

Rates are still reasonably low— lower than they were before the pandemic, so refinancing remains a historically good deal.

Give us a call and let's review your situation to see if you could benefit from a refinancing before rates move more.


“Prompt and kept us informed every step of the way”

"They have been incredible to work with. So prompt and kept us informed every step of the way. They are very knowledgeable and extremely helpful taking us through this process - Highly recommend them for anyone needing to refinance or obtain a mortgage. Very trustworthy!!!!" -Clarinda S.


Act Now Before the Fed Begins Tapering

There’s a lot of talk about the Federal Reserve cutting back their buying of mortgage bonds, which is known as tapering. The purchases of mortgage bonds have helped keep interest rates low.

This can be very important to you if you are considering purchasing a home or looking to refinance your current mortgage to save money.

Interest rates are still extremely favorable. But this week at their meeting, the Fed said that they will likely begin reducing their purchases of mortgage-backed securities by the end of this year, with an official announcement likely on November 3. This could begin to raise interest rates as early as next year.

Once the Fed starts to pull back on their purchases, there is a risk that interest rates may move up, which makes this a great time to take advantage of low rates.

If you would like to take advantage of the low rates, while they are still available, to refinance here are some steps to follow:

Step 1: Set a clear goal and reason to refinance. From cutting your monthly payment, to shortening the term of your loan or pulling out equity for home repairs or paying off high interest debt. There are plenty of reasons why it’s smart to refinance now. You’ll want to clearly identify yours.

Step 2: Check your credit score. You’ll need to qualify for a refinance just as you needed to be approved for your original home loan. The higher your credit score, the lower your refinance rate will be.

Step 3: Determine how much home equity you have. To find how much equity you have acquired, check your mortgage statement to see your current balance. Then, give us a call so we can run an analysis to find the current estimated value of your home. Your home equity is the difference between the two. For example, if you owe $250,000 on your home, and its value is $325,000, your home equity totals $75,000.

Step 4: Get your paperwork in order. Gather recent pay stubs, federal tax returns, bank statements and anything else your mortgage lender requests. They may also look at your credit and net worth, so disclose your assets and liabilities upfront.

If you haven’t locked in a low rate, NOW IS THE TIME.

Give us a call today and let’s review your situation so you can capitalize on the market before it begins to move.


Refinance Fee Dropped

Recently the FHFA announced that it would be eliminating the adverse market refinance fee from Fannie Mae and Freddie Mac home loans delivered after August 1st. Originally this fee was designed to cover projected losses from the pandemic. With the fee borrowers were paying an extra $500 for every $100,000 they refinanced. However, the effectiveness of the market warranted "an early conclusion" of the fee. Now couple the fee being gone with the low rates we have been seeing this month and there has never been a better time to refinance. In fact more borrowers than ever can benefit from a mortgage refinance right now! If you have been considering refinancing, now is the time! Give us a call and let's see if you how much you could benefit.

Refinance Today, Save Cash for the Holidays

The holiday season is quickly approaching. Although it is deemed the best time of the year, it can also be the most stressful season when it comes to finances. Whether it be holiday décor, Christmas gifts, or travel plans the end of the year can involve a lot of expenses. Throw in the fact that we are in a pandemic and people’s budgets may be tighter than ever. According to an online survey by the Ascent in 2019 it was reported that the average consumer who bought Christmas gifts spent over $925 and that 21.5% of Americans surveyed went into debt from Christmas. Whether it be through personal loans, maxing out credit card limits, or opening new store cards many Americans do whatever it takes to pay for their holiday. But why put yourself into a debt right at the beginning of a new year, when you could find a better way to get some extra funds this December? A lot of people don’t know that a cash out refinance can be more beneficial than taking out a personal loan or maxing out credit cards. We want to help you by exploring the potential advantages of a cash out refinance on your home. A cash out refinance allows you to pay off your existing mortgage and begin a new loan, just like a traditional refinance. But instead of refinancing for what you currently owe on your mortgage, you refinance for a higher loan amount. You then get the extra amount in the form of a lump-sum payment after your loan closes. Another bonus of a cash out refinance is if interest rates have dropped since you took out your original loan, a cash out refinance could also lower your rate at the same time. Like a recent borrower we worked with who worked for a company that had been hit hard by COVID19. His hours were cut at work, simultaneously lowering the family’s monthly income. They reached out to see if there was a refinance option that could help them lower their mortgage payment to save money monthly. After running the numbers, we decided to move forward with a cash out refinance. We were able to drop their interest rate from 3.75% to 2.75%, saving them $200 a month. However, the best part is that not only did we refinance them to a lower rate and monthly payment ultimately saving them thousands over the life of their mortgage, but they were able to skip 2 months of payments and use that money in other areas of their life, like to check a few more people off their Christmas list. The borrowers were getting by despite their income drop due to COVID, but skipping the two mortgage payments and lowering their monthly payment by $200 is really going to help them out long term and allow them to put together a terrific holiday this year! If you are not sure if a cash out refinance is right for you, reach out! ALV Mortgage can help you explore your options and see what would be best for your individual situation.

Smart Refinance Tips During the Pandemic

You may be considering taking advantage of the current historically low interest rates by refinancing your mortgage to lower your monthly payment, consolidate debt, or move to a 15-year term. The Mortgage Industry is doing an excellent job of processing transactions under shelter in place.  But it’s more important than ever to help the process along by being well prepared. Here are a few tips to set you up for a smooth transaction and help you save money more quickly: 1.Continue making regular mortgage payments during the process 2. Do not take on any new debts.
  • -Taking on new debt will alter your debt to income ratio, which plays a major role I your pre-approval. Resist the urge to open a new credit card or upgrade your car,  until your loan transaction is finalized.
3. If your income or employment does change during the process, notify your lender right away.
  • -Changes happen, but you want to be sure to notify your lender so they can make the appropriate updates to your loan
4. Know that the appraiser may have to come into your home, so be prepared for this 5. Lastly and most importantly, quickly respond with all documentation that is being requested of you!
  • the faster we receive your documents the faster we can get your loan processed. If you documents are requested by our team please respond as quickly as possible.
  By following these tips you will set yourself up for a quick and easy refinance. Not sure how a refinance could benefit you? Reach out today to see how much you could be saving!