New Year, New Opportunities: Smart Lending Solutions for 2025

Happy New Year! As we step into 2025, I’m Gina Ellis, Managing Broker at Engel & Völkers Western Frontier, and I recently sat down with Toby from Cross Country Mortgage to discuss creative lending solutions and provide insight into the current housing market. While interest rates have been on a bit of a wild ride, there’s good news and promising tools for buyers looking to navigate the market this year.

Hope for Lower Interest Rates

Although interest rates have been slow to drop, we’re already seeing a half-percent decrease from this time last year. Toby shared that Cross Country Mortgage offers a variety of innovative products to help buyers manage current rates and address inventory challenges.

Home Renovation Loans: A Game-Changer

One of the standout options is their home renovation loan program, which can help buyers see beyond a home’s current state and envision its potential. If you're struggling to find a home that checks all your boxes, this program allows you to look at homes priced lower than your approval amount and finance necessary renovations as part of your mortgage. Whether you need an extra bedroom or modern updates, this option can make your dream home a reality without requiring additional loans.

How It Works

Let’s say you're approved for $500,000 but only find a suitable two-bedroom home and really need three. With this loan, you can finance the addition as part of your mortgage, making it a seamless solution to customize your new home. This opens up more inventory options and allows buyers to focus on getting into the right neighborhood or property location while tailoring the home to fit their needs.

Personalized Solutions

Every buyer's situation is unique, which is why working directly with experts who can customize solutions is essential. Toby emphasized that with so many different lending programs available, finding the right fit is about understanding individual goals and needs.

If you’re thinking about buying, upgrading, or just exploring your options, now is a great time to connect with your local lender. We're here to guide you through the process and make sure you reach your real estate goals effectively and confidently.

Looking forward to helping you make 2025 your best year yet!