On The Money

Low-Rate Mortgage Climate in Utah Attracts Home Buyers

Couple Having Bought a HouseAside from its five scenic national parks, Utah’s beauty offers plenty of business opportunities. Utah’s extreme geography, for example, has given light to Wingate Wilderness Therapy. Meanwhile, Community Lending Group has taken advantage of the watershed of home buyers. Add to the fact of having various thriving industries including information technology and mining, it’s quite easy to see why Utah is such an attractive place to live.

Impressive Home Ownership Rating

Throughout the Beehive State, many home buyers enjoy the numerous benefits home ownership brings. An impressive 69.9% of all homes in Utah are owned and occupied. While real estate here is a little more expensive than in other places, the high employment rate combined with a higher-than-national household income average makes up for it.

Plenty of Home Buying Financing Options

Home buyers with a strong financial framework and good credit score rating have many financing services to choose from. In Salt Lake City, highly reputable lending institutions offer a variety of housing loans, including fixed-rate and adjustable-rate mortgages (ARMs), with easy-to-afford interest rates.

The interest rates of 30-year fixed-rate loans average at 4.21%, while it’s 3.31% for ARMs.

Making the Purchase Now vs. Later

Although the country’s economy has performed better in the past few years, experts recommend potential home buyers to make the purchase now rather than later. This is in spite of decreasing mortgage rates. Of course, you still have to consider individual factors such as credit score rating, which when improved can lead to better rates.

Utah’s housing market is on a roll. When it comes to home ownership, H1 2017 is the best time to strike a deal while the pan is still hot.