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City Creek Mortgage

Busted! Know the truth about Mortgage Myths!

Given the amount of misinformation continually circulating about mortgage loans, we’re ready to set the record straight – Mythbuster style! Oftentimes, misinformation keeps people from making decisions that could benefit their financial situation. However, through clarity and understanding of mortgage fact vs. fiction, different opportunities never realized before may arise.   Myth #1 – All loans have closing costs that the borrower must pay.   Truth: In exchange for a slightly higher interest rate you can receive a credit back that may cover all of the closing costs involved in the mortgage. This includes paying for the appraisal, underwriting fees and all title fees. Although there are certain restrictions involved (such as owner occupancy, loan size, loan-to-value and credit score), we ...

Posted Apr 08, 2014
City Creek Mortgage

The Rules of Refinancing

In today’s era of 24/7 exposure, media outlets are continually feeding us conflicting messages. With the constant stream of contradictory information, it can be difficult to sort out truth from error. This is particularly true when it comes to the relentless pounding of mortgage companies telling you that now is the time to reduce your interest rate. Although they may be correct in some cases, refinancing is not always right for all homeowners. This is especially true if doing so would add thousands of dollars to your mortgage balance. One of the values of having a mortgage planner watching over your home loan is the comfort of knowing that a professional will let you know when the time is right to...

Posted Apr 01, 2014
City Creek Mortgage


  Pay off the account with the smallest balance first regardless of interest rate. As each account is paid off, apply those payments to the account with the next smallest balance, and so forth. Watch your debt begin to disappear. This is one of the most liberating experiences my clients have. Is it time for you to snowball your debt? Call me if I can help

Posted Mar 25, 2014
City Creek Mortgage

Financial Tip from Mike

When paying off debt, rather than focus on paying off all debts at the same time, pay down the account with the smallest balance first.  As each debt is paid off, add the payment that was being made on the now paid off account towards the next account to be paid off.  Overtime, celebrate as your debt load continues to fall!

Posted Mar 18, 2014
City Creek Mortgage

The Power of A 15 Year Morgage?

With interest rates now on a slow grind higher, the spread in rate between a 30 year and 15 year mortgage has grown to just shy of 1%. This spread in rates has many opting for the more aggressive pay down plan to take advantage of the interest savings. There are several key points to think through when considering shortening the term of your home loan. The following non-inclusive list will help you profile your situation to decide what is best: • Payment affordability: This is the most crucial determining factor and should never...

Posted Mar 11, 2014
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