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Jeff Lake

Loan Originator Team Lead |NMLS 972098
  • (208) 371-1508
  • jlake@umortgage.com

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Meet Jeff!

As your trusted UMortgage Loan Originator, my goal is to simplify the mortgage process to make your home loan experience easy to navigate! Please reach out so I can help start your home financing journey.

Serving Homebuyers In:

  • Idaho
  • Oregon

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Your Mortgage Questions, Answered!

How the 2025 Inauguration Impacted the Housing Market

President Donald Trump officially took office for his second term on January 20th, 2025. From day one, the new administration outlined its priorities for housing, inflation, and economic growth. As these policies take shape, here is an overview of how they might influence the housing market and the broader economy. Housing Affordability: A Focus on Reducing Costs During his campaign, President Trump pledged to address housing affordability by cutting regulations and introducing tax incentives aimed at reducing construction costs. These measures are intended to stimulate new home construction and increase housing supply, potentially helping to stabilize high home prices. On the night of his inauguration, the administration released a memorandum regarding an executive order addressing housing relief. The memo stated, “Many Americans are unable to purchase homes due to historically high prices, in part due to regulatory requirements that alone account for 25 percent of the cost of constructing a new home according to recent analysis.” Trump has already followed through on his promise to start cutting regulations on the first day of his second term. The aforementioned executive order includes a freeze on government hiring and the creation of new federal regulations. Additionally, a newly established Department of Government Efficiency will review federal agencies and identify opportunities for regulatory cuts. One such agency is the Department of Housing and Urban Development (HUD), now led by Scott Turner—a former Texas state representative and executive director of the White House Opportunity and Revitalization Council. Turner has expressed a commitment to maximizing existing resources but has not yet detailed plans for federal investments in affordable housing programs. The department’s future budget and priorities will become clearer as the administration’s broader fiscal policies are implemented. Tariffs and Their Potential Effects on Housing Costs A significant area of focus for the administration is the proposed implementation of tariffs. While these measures aim to protect domestic industries, they may also increase the cost of construction materials, potentially driving up prices for new homes and contributing to inflation. President Trump announced plans to enact tariffs on imports from Canada and Mexico starting February 1st, alongside higher tariffs on Chinese goods. Economists warn that these tariffs could lead to higher costs for homebuilders. According to the National Association of Home Builders (NAHB), 70% of sawmill and wood product imports come from Canada, which already faces a 14.5% tariff.Another report from the NAHB shared that China provided the largest share of imported goods used in residential construction at 27%, making homebuilders particularly sensitive to trade policies. Tariffs could also influence mortgage rates through their impact on inflation. A report by Pantheon Macroeconomics estimates that a 10% universal tariff could increase inflation by approximately 0.8% in 2025. Rising inflation may prompt the Federal Reserve to adjust interest rates, further affecting the housing market. Tax Proposals and Household Finances The Trump administration has proposed extending the 2017 Tax Cuts and Jobs Act and introducing new tax reforms, including exemptions for tip income, overtime pay, and Social Security benefits, as well as deductions for auto loan interest. While these measures could increase disposable income for many Americans, the potential rise in consumer goods prices due to tariffs could offset these benefits. During his inaugural address, President Trump reiterated his commitment to policies that prioritize American workers and families, stating, “Every decision on trade, on taxes, on immigration, [and] on foreign affairs will be made to benefit American workers and American families.” However, none of the executive orders signed on January 20th directly addressed tax reforms, leaving questions about the timeline for implementing these proposals. Federal Reserve’s Role in the Housing Market The Federal Reserve has been actively working to maintain a healthy jobs market while completing its coveted "soft landing" for the fall of inflation. Although tariffs create worries about inflation, the Fed seems to have concerns about the impact of mortgage rates rising above 7%, as indicated by a statement from Fed President Christopher Waller during an appearance with CNBC. Likely part of this is the impact that high mortgage rates have on construction jobs. In previous economic cycles where the Fed maintained high mortgage rates, homebuilders began laying off construction workers, and a recession closely followed. Of course, economic health will remain a priority, and rates will continue to be largely driven by inflation and the labor market. As things stand, jobless claims data remains at historic lows while inflation has fluctuated between 2.5% and 2.9% in the final months of Biden's presidency. What Lies Ahead for Homebuyers The coming months will reveal the extent to which these policies impact housing affordability, mortgage rates, and overall economic growth. While some measures, like tax reforms and regulatory cuts, aim to increase homeownership opportunities, others, such as tariffs, may introduce cost pressures. If you’re considering buying a home or refinancing, now may be a good time to explore your options. Connect with a UMortgage Loan Originator in your area to get personalized guidance tailored to your financial goals.

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Housing Market Update | Week of January 20th

Great news—mortgage rates dropped last week! This slight drop was caused by several different factors, including softer-than-expected inflation data, comments from a Fed President regarding potentially revised monetary policy, and a general shift in market sentiment. Rates should remain relatively steady this week, with the 20-year Bond Auction on Wednesday and the Initial Jobless Claims report on Thursday unlikely to cause a major shift. Last Week's Mortgage Rate Recap Rates Dropped! After a poor start to the year with mortgage rates rising above 7%, we finally got some relief last week. The 10-year started the week at its highest level in nearly a year; because of this, inflation data needed to outperform expectations to maintain or increase. When the CPI report showed core inflation came below expectations, bond yields fell. Another factor that caused rates to drop was Fed President Christopher Waller. Speaking to CNBC last week, he said, “If inflation continues on this path through the beginning of 2025, it’s reasonable to think that possibly rate cuts could happen in the first half of the year.” Whether we see a rate cut in the first half of the year will depend on labor and inflation data, but this slight change in sentiment from the Fed is at least a positive sign. This Week's Mortgage Rate Forecast Rates Should Be Steady Compared to the past two weeks, this week should be relatively quiet in terms of market-shifting data with the 20-year Bond Auction and jobless claims standing as the most significant pieces of data. The jobless claims report is one of the bigger indicators of the direction of interest rates in 2025, so any movements will likely occur after that report’s release on Thursday. This also marks the first full week of the new Trump administration, and the markets will surely keep a keen eye on what he and his cabinet have to say. Reach out to a UMortgage Loan Originator to help answer any housing-related questions you may have!

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How to Read Your Loan Estimate

Getting your loan estimate is an essential step in the homebuying or refinancing process. What’s even more essential, though, is knowing how to read your loan estimate. We’ve seen plenty of clients work with other lenders and get hit with extra fees that were hidden in plain sight on their loan estimates. Reading your loan estimate doesn’t have to feel overwhelming. This guide will break it down step-by-step so you can understand every detail and feel confident about your mortgage. What is a Loan Estimate? A loan estimate is a detailed document provided by your mortgage lender that outlines all the different details and fees that will go into your mortgage once approved. It details things like your rate, the type of loan you have, what your monthly payment will be, an estimate of your closing costs, and much more. Remember, these figures are estimates. They can change if your mortgage rate, home price, or down payment changes. It’s important to work alongside your loan originator to understand all of the costs that go into your mortgage to make sure you know what you’re paying for and get the best deal possible. The Different Sections of Your Loan Estimate When you receive your loan estimate, you’ll notice that it’s broken down into a few different sections. It’s important to know what these sections cover and what they mean to avoid hidden fees and make sure your mortgage is structured the way you want it to be structured.Below are some of the sections you should review in detail and the different sections you’ll see on each page. Page 1 - Loan Terms Page 1 of your loan estimate summarizes the basic details of your loan. This includes your loan amount, interest rate, monthly principal & interest, prepayment penalty, and balloon payment. At the very top of the page, you can see whether you locked your rate, the length of your loan, and the type of your loan. As you review this section, keep in mind the things you agreed upon with your loan originator. Things like whether you locked your rate, what type of mortgage you got, and whether or not your rate can or cannot increase after closing.  Page 2 - Closing Costs Page 2 of your loan estimate will cover all of the fees that make up your closing costs. The only thing on this page that’s controlled by your loan originator is section A: origination charges. This section includes charges like application fees, underwriting fees, or points to ‘buy down’ your rate. These are the only fees your loan originator controls, so review them carefully to ensure they align with what you discussed. The other sections are the services that you can and cannot shop for, taxes and government fees, prepaid interest, taxes, and insurance, initial escrow payment due at closing, and other costs. At the bottom of this page, you can see your estimated cash to close. This is the amount of money you’ll need to pay to close your loan and get the keys to your new home. It combines the fees outlined on that page with your down payment and accounts for paid fees like a deposit, seller credits, lender credits, and other things that help lower your total closing costs. Page 3 – Additional Information Finally, on page 3, you can see a few pieces of information specific to your loan. At the top of your page, you can find information about your lender and loan originator. Beneath that are figures that you can use to compare this loan estimate with any others you receive. Finally, at the bottom of the page are details about your appraisal, loan assumption if you sell or transfer the property to someone else, late payment details, refinance qualification, and servicing. Servicing lets you know whether your lender will transfer servicing of your loan to someone else. This is important to know—if your lender intends to service the loan, you will pay that lender each month. If they plan to transfer service, you will need to pay a different lender. You can confirm all of those payment details with the lender at the time of your closing. How to Use Your Loan Estimate to Your Advantage Understanding every section of your loan estimate will help empower you to shop around for the most affordable mortgage available with terms that fit your short- and long-term financial goals. It will also protect you from different hidden fees that some lenders utilize to make a loan look more affordable than it actually is. The most common is discount points that allow a lender to give you a lower mortgage rate than the market allows. If you think your quoted rate is too good to be true, make sure to check section A on page 2. Discount points aren’t always bad, but it’s important to know whether you’re paying them and if it makes sense to pay discount points before you sign the dotted line. When you work with a UMortgage Loan Originator, you’ll unlock expert guidance to walk you through the entire mortgage process, including your initial loan estimate and your more detailed closing disclosure. You can also trust that you won’t get hit with any deceptive fees—just a mortgage that allows you to unlock the life-changing benefits of homeownership. Want to get started? Follow this link and fill out the form to get connected with a Loan Originator in your area today!

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