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Letter from the President

Dear Customers:

This quarter I want to highlight the housing market and Central Bank's ability to help you finance your dream of owning a home or moving into a new home that better fits your needs.

Over the past couple of years, Utah County has enjoyed a very robust housing market. I credit Utah County's exceptional job market and excellent demographics for the growing demand for housing. As individuals are trying to decide whether to purchase or upgrade, there are many questions regarding housing to be answered.

For instance, why purchase instead of rent? Under present circumstances owning can often be cheaper than renting. And because of our present tax structure, taxpayers receive an incentive to purchase a home. While individual situations may differ, the majority of home owners can deduct the interest and property taxes paid. Plus there's the added benefit of putting money into an asset that will hopefully hold its value and appreciate over time. Try using one of our mortgage caluclators to determine what you can afford or what you could purchase for the amount you're already paying in rent.

Another important question, is now the right time to build or purchase a home? No one can predict interest rates, but I can give you my best analysis. Because present rates are at incredibly low levels, this is a great time to make a home purchase. My first home mortgage rate was 9.875% in the early 1980s and I thought I had a steal! I believe mortgage rates will continue to stay relatively moderate this year, however, I expect them to slowly inch upward over the next few years. If there were a sharp increase in mortgage rates it would be very damaging to our economy and I don't think anyone wants that to happen.

Central Bank has been very active in the development of lots and the construction of new homes. Our officers are well experienced and ready to help you determine what is possible for your individual situation. We offer a significant discount on closing costs if you get your Construction and Long-Term Mortgage Loans with us. As an added bonus, we are currently giving a new Little Giant Ladder to individuals who pair their Construction Loan with a Long-Term Mortgage from Central Bank.

Please feel free to contact one of our lending experts by calling (801) 375-1000 and ask for a Construction and/or Long-Term Mortgage advisor.


Matt Packard
President and CEO
Central Bank

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