Tom Rydberg, Mortgage Professional

A mortgage preapproval is paramount to successfully buying a home in today’s market. Here are 5 reasons why:

1.) Budget clarity: Knowing your budget upfront will allow you to focus on homes within your financial comfort zone and not waste your time on homes that don't fit your budget.

2.) Negotiation edge: Sellers take pre-approved buyers seriously, which amplifies your negotiating power.

3.) Peace of mind: House hunting is easier and more enjoyable when you know exactly where you stand financially.

4.) Faster closing: A pre-approval can streamline the closing process, helping you move into your new home sooner.

5.) Quick response to market opportunities: Being pre-approved means you can act quickly when you find the right property, giving you an advantage in fast-moving markets.

Ready to house hunt with confidence? Let's get you pre-approved. Reach out for details today!

Feeling overwhelmed as a new homebuyer? You’re not alone.
Remember, there’s no such thing as asking too many questions when it comes to finding your dream home…
After all, this may be the largest investment you’ll make in your lifetime!
Here are a few key questions you’ll want to ask before buying a home:


1.) How do the schools rank? If you have or want kids, this can be the deciding factor.


2.) Do the appliances come with the house? If not, you’ll have to set aside more room for them in your budget.


3.) Is there radon in the house? Radon is colorless and odorless, but exposure can be deadly. That’s why it’s so important to ask if the house has been tested for radon.


4.) Are there any special assessments or liens on the property? You don’t want any surprises to pop up in the middle of your mortgage process!


5.) How old is the roof? Roof replacement can cost between $5,000-$10,000 and beyond, so you need to know the roof's age before you buy the home.


6.) Is there a recent home inspection report available? Though often not required for a mortgage, a home inspection will provide you crucial information about the home’s condition, so you'll want an inspection done.


7.) What are the property taxes? You’ll want the full picture of expenses for your budget.


These details aren’t minor; they could be THE deciding factors in your home purchase.


So ask as many questions as you need and arm yourself with enough information to make a sound financial decision. Buying a home is not something to take lightly--save this list for your house hunting!

Mortgage rates improved late in the week ending 8/2/24 as markets priced in the likelihood of a September Fed rate cut. Granite Bank is an Equal Housing Lender.

Your quick weekly look at what's happening with mortgage rates and in the housing and finance markets. Markets in a Minute

Shopping for a new home? You’ll want to save this list.

Remember the 3 C’s:

Credit: Your credit score is an important factor in determining your interest rate and loan program. It’s not the only key element, but the higher your credit score, the more favorable your loan terms will be.

Capacity: This is your ability to repay your loan based on income, assets, and debt. It’s also important to ask yourself how much of a monthly payment you’re comfortable with.

Collateral: This is the property you’re buying. It secures the loan and affects the loan amount and interest rate.

Curious to learn more? Reach out today to get your questions answered!

It was a joy working with you, and I'm delighted that our collaboration was so successful. Thank you for your trust!

Pop quiz: What makes up your monthly mortgage payment?

Answer: All of the above!

Here’s a breakdown:

Principal: The amount you borrowed.

Interest: The cost of borrowing the money.

Taxes: Property taxes set by local government.

Homeowner’s insurance: To protect your investment.

Mortgage insurance: Required on all FHA loans and on Conventional loans if your down payment is less than 20%.

Understanding these key elements can help you manage your finances better and plan for the future. Save this post so that you’ll always know exactly where your money goes!

: Backyard BBQ or Pool party for your home? Share with us which one sounds like your ideal summer gathering!

Little market-moving data during the week ending 7/26/24 left rates basically unchanged, though there were slight day-to-day shifts. Granite Mortgage is an Equal Housing Lender.

Your quick weekly look at what's happening with mortgage rates and in the housing and finance markets. Markets in a Minute

Waiting for lower interest rates before buying a home? Interest rates are important, but they're just one piece of the home-buying puzzle.

Consider the benefits of property appreciation. Real estate values tend to rise over time, potentially increasing your investment significantly. By delaying, you might miss out on both the perfect home and its appreciation potential. It’s essential to also consider your financial health, market trends, and long-term goals. Instead of waiting for the ideal interest rate, focus on the overall value of finding the right home now. And if rates fall later, refinancing is an option.

Ready to invest in a home today and enjoy the growth of your property's value tomorrow? Reach out to get started!

Dreaming of homeownership by the end of summer? Check out our ultimate checklist to make it happen:

Assess your finances and set a budget.
Get pre-approved for a mortgage.
Research neighborhoods and home features.
Work with a real estate agent to find your dream home.
Complete a home inspection.
Finalize your mortgage and close the deal!

What’s on your checklist? Comment below and let’s turn your dream of homeownership into a reality!

Rates held steady the week ending 7/19 on continued anticipation the Fed will start cutting policy rates in September. Granite Mortgage is an Equal Housing Lender.

Your quick weekly look at what's happening with mortgage rates and in the housing and finance markets. Markets in a Minute

Top 10 Things to Tell Your Lender Before Buying Your First Home

1. Employment History: Share your job stability and income details.
2. Income Sources: Disclose all sources of income, including bonuses and freelance work.
3. Debts: List all current debts like student loans, car loans, and credit cards.
4. Credit History: Be transparent about your credit score and any past issues.
5. Savings: Inform about savings and assets available for down payment and closing costs.
6. Gift Funds: If receiving financial gifts, let your lender know and provide documentation.
7. Monthly Expenses: Detail regular expenses such as rent, utilities, and other recurring costs.
8. Property Preferences: Communicate your ideal home features and location preferences.
9. Future Plans: Share any plans that might affect your finances, like further education or family growth.
10. Concerns: Discuss any worries or questions about the mortgage process.

Ready to get started? Reach out today!

Saving up for a downpayment may seem daunting, but by taking the right steps it can be possible! Here are a few ways to start:

Determine how much you need and set a clear savings target.
Track your income and expenses to find areas where you can cut back.
Set up automatic transfers to your savings account each payday.
Pay down high-interest debts to free up more money for savings.
Skip those daily lattes or dine out less to boost your savings.
Consider a side gig or freelance work to increase your earnings.
Deposit tax refunds, bonuses, or gifts directly into your savings.
Stick to your plan and avoid impulse spending.
Regularly check your savings progress and adjust as needed.
Consult with a mortgage lender to create a tailored savings strategy.

Ready to make that dream home a reality? Reach out and let’s start the journey together!

: A splash of color that brings energy and personality, or the timeless elegance of a white backdrop?

Rates improved during the week ending 07/12 after inflation data came in better than expected, supporting Fed policy rate cuts this year. Granite Mortgage is an Equal Housing Lender.

Your quick weekly look at what's happening with mortgage rates and in the housing and finance markets. Markets in a Minute

True or False: You can buy a home with 0% down?

The answer is TRUE! With certain loan programs like VA loans for veterans and active-duty service members, USDA loans for rural areas, and some conventional loan options, qualified buyers may be able to purchase a home with no down payment.

Curious to learn more about these options and see if you qualify? Reach out today!

Did you know that broader market conditions can play a significant role in shaping your mortgage rates and terms? Economic trends, from inflation to Federal Reserve decisions, directly influence what you pay on your home loan. Whether you're a first-time buyer or considering refinancing, understanding these factors is crucial for navigating the mortgage landscape effectively.

Happy 4th of July from Granite Mortgage! Wishing everyone a day filled with BBQ, fireworks, and celebrating the land of the free and the home of the brave!

The answer is…MYTH!

When you pre-qualify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check. Pre-approval is as close as you can get to confirming your creditworthiness without having a purchase contract in place.

Ready to start the home buying process? Reach out and we can begin together!

Deeply thankful for this testimonial from one of my clients. Your recognition motivates me to keep striving for excellence every day. Thank you!

The number one tip for first-time buyers: Know your finances!

Knowing your credit score, income, and debt levels gives you a clear picture of your financial health. Understanding these aspects of your finances ensures you are well-prepared, which is crucial for a seamless homebuying experience. By fully understanding your financial landscape, you can approach the market confidently and secure that dream home you’ve been waiting for.

Ready to make that happen? Reach out today!

Mortgage rates moved slightly higher during the week ending 6/28/24, even though there was little change in the economic outlook. Granite Mortgage is an Equal Housing Lender.

Your quick weekly look at what's happening with mortgage rates and in the housing and finance markets. Markets in a Minute

It's crucial you speak with a lender before jumping into the home-buying process.

Understanding your financial options and knowing the expectations that lie ahead are necessary to help move the process along faster.

Are you ready to start your home-buying journey? Reach out today!

Did you know? One of the biggest perks of being a homeowner is the mortgage interest deduction. It’s like giving your taxable income a trim by deducting the interest you pay on your mortgage. This clever move can lead to a leaner tax bill, leaving more in your pocket for those home projects or savings goals.

If faced with the choice of obtaining only one of the two, which would you prioritize: acquiring your dream home at current mortgage rates or purchasing a property that may not be your ideal choice, but with the interest rate you desire?

Today, we honor Juneteenth, a day of freedom, reflection, and celebration. At Granite Mortgage, we recognize the importance of this historic milestone and stand in solidarity with the Black community. As we celebrate freedom and progress, let's continue to work towards equality and justice for all.

Thank you for the recognition and for trusting me to help you achieve your goals!

June is National Homeownership Month! Homeownership is more than just having a place to live—it's about building memories, creating stability, and achieving dreams. Whether you're a first-time buyer or looking to invest, we're here to guide you every step of the way. Reach out today and let's make your homeownership dreams a reality!

Happy Father's Day from Granite Mortgage! Today we celebrate all the amazing dads who build strong foundations, not just for their homes, but for their families. Your dedication and hard work inspire us every day!