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UMortgage Earns #88 Ranking on 2024 Inc. 5000 List

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Ruby Hales

Loan Originator |NMLS 1691837

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Meet Ruby!

I’m a wife, mother and bonus grandma. I love living in Utah. Hiking, fishing, camping and reading are my favorite things to do. I have a deep love of helping people and a huge supporter of the American Dream so naturally I help people buy homes. I’m always looking for people who want to get in debt to build wealth through homeownership.

Serving Homebuyers In:

  • Georgia
  • Kansas
  • Utah

Mortgage Calculators

Monthly Payment

Affordability

Refinance

VA Entitlement & Payments

Your Mortgage Questions, Answered!

How to Navigate My Mortgage Calculator

Knowing your homebuying budget should be one of your first steps before you start the homebuying process. At UMortgage, we want to make this process as simple and transparent as possible, which is why we offer our Affordability Calculator to help you estimate the maximum home price and monthly payment that fits within your budget. Our Affordability Calculator takes key factors like your income, down payment, and monthly debts into account to give you an estimate of your homebuying budget. In the guide below, we’ll walk you through each step of the calculator to ensure you get the most accurate estimate. It's important to note that your results are not a pre-approval. To get an accurate pre-approval, follow this link to get connected with a UMortgage Loan Originator! Step 1: Enter Your Annual Income The first piece of information you’ll need to input is your annual gross income. This is your total income before taxes, including your salary, bonuses, and any other sources of income such as freelance work or rental income. Step 2: Input Your Proposed Down Payment Next, input the amount you plan to use for your down payment. The size of your down payment directly affects how much you’ll need to borrow. A larger down payment reduces the size of your loan, which also typically lowers your monthly payment and helps you avoid paying for private mortgage insurance (PMI) if you put down 20% or more. If you’re unsure how much you can put down, you can experiment with different amounts to see how they impact your affordability estimate. Step 3: Add Your Monthly Debts Now, it’s time to enter your monthly debts. Monthly debts should include any existing loans paid monthly. Examples include student loans, credit card bills, car payments, or any other money paid monthly to creditors. Monthly debts should only include borrowed money and not include services like your phone bill, home utilities, Netflix subscription, groceries, or other similar costs. Step 4: Estimate Your Interest Rate In this step, you’ll need to input your proposed interest rate. The interest rate significantly impacts your monthly mortgage payment. If you’ve already been pre-approved for a mortgage, you can use that rate. The featured interest rate when you go to the calculator is based on today's rates and is subject to change depending on your credit score and other factors. Step 5: Choose Your Desired Debt-to-Income Ratio The debt-to-income ratio (DTI) is a crucial factor in determining how much house you can afford. It’s the percentage of your gross monthly income that goes toward paying debts, including your mortgage. Most lenders recommend a DTI ratio of 36% or lower, but depending on your financial situation, you may be able to go higher. If you’re unsure what DTI ratio to choose, you can stick with the default 36%, which is a common guideline, or consult with your UMortgage LO for a more tailored recommendation. Step 6: Review Your Results Once you’ve filled out all the fields, UMortgage’s Affordability Calculator will do the rest! The calculator will estimate: The maximum home price you can afford based on the information you provided. Your estimated monthly mortgage payment, which includes principal and interest. These estimates will give you a clearer picture of what fits within your budget and help you start shopping for homes with confidence. Using UMortgage’s Affordability Calculator is an excellent way to get an initial sense of what home prices are within reach based on your financial situation. Remember, this tool is designed to give you an estimate—your final loan amount and mortgage terms will depend on other factors, such as your credit score, loan program, and lender-specific requirements. If you’re ready to take the next step or want a more accurate mortgage quote, we’re here to help! Fill out this form today to get connected with a UMortgage Loan Originator near you to discuss your options, get pre-approved, and get answers to any questions you may have about the homebuying process.

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Housing Market Update | Week of September 30th

We had a relatively quiet week last week with mortgage rates slightly lower heading into the weekend. PCE—the Fed’s preferred inflation index—came in lower than expectations which helped Bonds climb and took mortgage rates incrementally lower. This week is a big one with a different labor report every day between Tuesday and Friday. Jerome Powell highlighted the job market as a key driver for future rate cuts. If we see unemployment rise this week, expect rates to drop as the week progresses. Last Week's Mortgage Rate Recap Rates Were Steady The biggest piece of data last week was Friday’s PCE report. It showed that headline inflation rose by 0.1%, lower than estimates of 0.2%. Specific to the housing market, we got reports that showed that declining rates have positively impacted real estate activity with 5 consecutive weeks of purchase application growth. It will most likely take mortgage rates under 6% to see consistent sustained demand growth, however, the data shows that we’re trending in the right direction. This Week's Mortgage Rate Forecast Rates Could Move Slightly We have a big week for mortgage rates ahead with jobs reports coming every day from Tuesday to Friday. Markets expect job openings to remain around 7.67 million in tomorrow’s JOLTS report, Wednesday’s ADP Employment report to show nonfarm payroll employment rise 120,000, and the unemployment rate to remain at 4.2% in Friday’s BLS jobs report. Any readings below those estimates could bring rates slightly lower throughout the week. With the market shifting, do you have everything you need to thrive? Later this month, we're hosting a free webinar that will share actionable sales strategies from top-producing real estate agents and Loan Originators to help you maximize the opportunities coming as the market shifts over the next year. Follow this link to learn more about the event and register to attend the session on Tuesday, October 22nd at 3pm ET.

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Your Guide to VA Interest Rate Reduction Refinance Loans (IRRRLs)

Understanding VA Interest Rate Reduction Refinance Loans (IRRRLs) If you're a military homeowner with a VA home loan, you may be able to lower your monthly payments through a VA Interest Rate Reduction Refinance Loan (IRRRL). A VA IRRRL, often called a "VA Streamline Refinance," is a simplified way for veterans to refinance their existing VA-backed home loan. This program allows you to replace your current VA loan with a new one, typically offering a lower interest rate or more stable payment terms. Below, we’ll outline the benefits you can unlock with an IRRRL, the requirements to meet before you qualify for an IRRRL, and what the process looks like to unlock these savings. Benefits of a VA IRRRL With an IRRRL, homeowners can unlock countless benefits to save money both immediately and in the long term. The primary benefit of an IRRRL is to replace your existing mortgage with one that has a lower interest rate, thus lowering your monthly mortgage payment and interest paid over the life of the loan. Unlike traditional refinances, IRRRLs require very minimal documentation, making the process move a lot quicker than a conventional refi. Homeowners can often get an IRRRL without paying any cash out of pocket by rolling closing costs and fees into the loan balance. This means you’re saving money from your first new payment. If you bought your home with a VA loan, you’re probably familiar with the VA funding fee. The good news with an IRRRL is that when you refinance, non-exempt borrowers only have to pay a 0.5% funding fee. This fee can also be added to the loan balance, meaning no money out of pocket at closing. Finally, a VA IRRRL doesn’t use any of your VA loan entitlement, ensuring that you’re set up for success if you have entitlement remaining when the time comes to buy your next home. How to Know When You’re Ready for an IRRRL Before you get an IRRRL, you need to check the three boxes outlined below to make sure that you maximize these benefits: 210 Days Since the First Payment on the Original VA Loan First and foremost, your closing date for your new loan needs to be at least 210 days after you made your first payment on the loan that you’re refinancing, and you must have made at least 6 consecutive monthly payments on that loan. These requirements are set by law to protect you from predatory lending practices. Qualify for a Rate at Least 0.5% Lower Than Your Current Rate Second, the interest rate you qualify for needs to be lower than your existing interest rate by at least 0.5%. Refinancing includes additional costs such as closing costs, title fees, and other associated charges. If the interest rate reduction is too small, the monthly savings might not be enough to recover these upfront costs in a reasonable time frame. By waiting for a 0.5% or greater rate reduction, you increase the likelihood that the savings from refinancing will recoup these costs relatively quickly. Recoup Your IRRRL Costs Within 36 Months That takes us to the final and most important requirement. To make your IRRRL worthwhile, you need to make sure you recoup these additional costs via your new, lower monthly payment in 36 months. These three requirements act in tandem with each other. Rates take a combination of economic conditions and time to drop by at least 0.5%. The more you reduce your interest rate, the faster you’ll recoup the savings unlocked with your IRRRL. With all things related to your mortgage, it’s important to work with a Loan Originator who will help you get the most out of your IRRRL and can find a solution that keeps more of your money in your pocket. That takes us right into step 1 of the IRRRL process: working with a loan originator who can guide you through your IRRRL without slamming you with unnecessary added fees. The IRRRL Process: Streamlined Refinancing Getting an IRRRL is generally simpler than a regular refinance. Below, we’ll outline the easy, 6-step process for getting an IRRRL: Find an experienced VA loan originator: By working with an experienced LO, you will ensure that you’ll receive honest and straightforward financial advice with a personalized IRRRL experience that provides terms that work best for you and you alone. Provide basic information: You'll need to certify that you previously occupied the home, but current occupancy isn't required. Skip the appraisal: In most cases, no new appraisal is needed for an IRRRL. Minimal credit checks: While the VA doesn't require a credit check, some lenders may still request one. No income verification: Unlike regular refinances, IRRRLs typically don't require income documentation. Close on your new loan: Once approved, you'll sign the new loan documents and start enjoying your lower payments. Remember, while IRRRLs are designed to be straightforward, you need to ensure that the new loan provides a tangible benefit, such as lower monthly payments or a more stable rate structure. Taking advantage of a VA IRRRL allows you to save money on your monthly mortgage payments while enjoying a simplified refinancing process. If you're interested in exploring this option, make sure you start with an experienced lender who understands the ins and outs of VA loans to discuss your specific situation and potential savings.

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