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Mountain West Financial
A Direct Lender. FHS, VA, Conventional, Investment Properties, and Refinances.
A Direct Lender. FHS, VA, Conventional, Investment Properties, and Refinances.


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How Does Renting a Home and Owning Your Home Really Compare?

Renting may be less expensive, but there are significant disadvantages to not owning your home. If you're considering purchasing your first home but are hesitant because of the potential increase in monthly payment, you'll want to take a second look at the pitfalls of renting.
Read on to understand the limitations of renting, and if you're curious to see how low your first mortgage payment can be, contact us today!

Living in a rented home or apartment gives you the flexibility to change residence with only a 30-days notice, but it gives your landlord the same power. Whether from a violation of your lease or because the property is up for sale, the landlord need only give you a 30-day notice to vacate.
Looking for a suitable home for your family that's close to work and the children's schools with room for everyone at a price you can afford is a lot to ask for in 30-days!
But things are different when you own your home.
When you're a homeowner, you give your family a permanent residence, a place to put down roots, and the certainty of a place to call home.

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While DIY Projects on TV look amazing, some of these renovations can sometimes be the toughest things ever. has gathered 7 knock-out projects that are beautiful you-can-do-it inspirations for easy DIY projects.

1. Pinterest-Worthy Window Seat - If you are looking to seat a houseful of guests without dragging chairs all over the place, try building a beautiful window seat and as a bonus, there’s storage underneath for stashing lots of stuff out of sight.

2. Miracle Makeover With Just Paint, Stain (and Patience) - It’s really a miracle what paint, sanding, and stain can do. Lighter shades on the walls, trims, and floor reflect natural light, making the space so much brighter.

3. Instant Open Floor Plan - Kitchens can be dark and cramped so try removing a set of overhead cabinets that are blocking light and your view to the dining room.

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With the 2018 Tax Reform, there are a few changes that are particularly relevant for homeowners:a reduction in the amount of mortgage interest that can be deducted, and a new cap on property tax deductions.

As the law stood previously, homeowners can claim (as an itemized deduction) interest paid on mortgages valued up to $1 million used to acquire or improve a first and/or second home. The plan maintains the current cap for existing homeowners, but slashes it to $750,000 for homes purchased in the future. (The bill would also limit the mortgage interest deduction to one principal home, ending any deductions for vacation homes.) This means a home buyer paying 4% interest on a $1 million mortgage would be able to deduct just $20,000, as opposed to the current $40,000. At the same time as the plan cuts back on deductions for individual homeowners, it exempts real estate investors from a new 30% limit on interest deductibility for businesses.

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Low mortgage rates have been in the news lately, making the option to refinance all the more appealing. Homeowners are eager to lock in these lowered home loan rates not only to save money their monthly payments but also have additional funds to invest or save for life's emergencies.
Does Refinancing Make Sense For You?

With advantages as enticing as these, you may also be eager to refinance. You may be wondering if it's a good idea to refinance to a 30-year loan.

When you refinance to a new, 30-year loan, it's likely that your payments will be lowered since the loan amount is spread out over a greater number of years than the current loan. However, it also means paying more over the long term because the interest is applied over a longer period.

Advantages of refinancing to a 30-year loan instead of keeping the same term

The main benefit of refinancing to a 30-year loan is that you'll be able to secure a low refinance rate for long term. Not only does this option save you money, but it also frees up money that you can put to work in long-term investments. Locking in your lowered rate also protects you against inflation, guaranteeing that your mortgage payment remains unchanged over the next 30 years.

Disadvantages of changing your loan terms

The drawback of taking on a new, 30-year mortgage is that you'll pay more interest over the cost of the loan. However, even this drawback is not as clear-cut as it may seem. After taking into account the compounding interest, the money you have available to invest at the lowered mortgage rate can earn more over the life of the loan than the additional mortgage interest will cost you. You'll also have freed up funds available to you in an emergency.

Another possible disadvantage is that some 30-year mortgages have a higher interest rate than your current term.

Is refinancing in your future?

There's much to consider when you're thinking about refinancing. Refinancing can be a great way to reduce your mortgage payment, adjust the term of your loan, or even free up money for investing or for emergency purposes.

Having a trusted mortgage professional with your bottom line and best interest in mind will help you make an informed decision. A knowledgeable mortgage professional will take a careful look at your financial situation and goals.

Find out if refinancing makes sense for your particular situation. We take a careful look at your current financial standing, your long term goals, as well as match you up with the best loan program.
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Savvy homebuyers both know you can’t always get what you want. At least not everything you want. You should, however, have some sense of what you want and what you need when you start your search for a new home. Distinguishing between the wants and needs can be tricky because so much emotion can swirl around visions of your “dream home.”

But making two separate lists of wants and needs will save you hours and energy in the long run. Here are three things to do to help you decide how to assign home features to your lists:

1. Ask yourself if you can truly live without it.

“Wants” are features that would be nice to have. “Needs” are things that you really must have to function. Be honest, can you truly live without shiny new stainless steel appliances? If yes, put them in the “Wants” column. On the other hand, an additional bedroom may belong in the “Needs” column if you’re expecting twins. Creaky knees? A ranch layout is a “need.” Occasional desire for a nap by the hearth? That fireplace is a “want.”

2. Determine if a feature could be changed or added later.

No matter how ambitious you are, some things may remain beyond your control to change, like proximity to public transportation, or quality of the local school district. If these features are critical to you, they go on the “Needs” list. On the other hand, things like patios and hardwood floors can be added later. List them as “Wants.” Your agent can probably help you talk through potential future costs of renovations and additions to accommodate your wants. Changing the bus routes, on the other hand, is probably beyond the capabilities of even the most experienced Realtor.

3. Talk it through with your agent.

A trusted Realtor can bring a much-needed dose of objectivity to your decision-making. He or she can help you visualize the day-to-day reality of living with (or without) a certain feature, as well as guide you through the math that may help you separate wants from needs.

CONTACT US with any questions about your home purchase needs, equity, or refinance. 661-949-0260.
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