mortgage: First Time Buyers - Should You Buy a Home in 2012? - 11/09/11 02:32 PM
Low interest rates and still falling home prices make it tempting to buy a house now, but before purchasing, wise buyers are looking at their big picture.Most of those who will buy homes in 2012 will buy because it makes sense for them to do so. Security (at their current employer … (0 comments)
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mortgage: Utah Housing and Mortgage Trends Compared to Other States - 10/26/11 02:26 PM
U.S. Housing and Mortgage Trends
(Source: October 2011 report by CoreLogic)
The homeownership rate is down... almost 10% compared to the homeownership rate in 1980.
The median household income is down... (lowest level since 1996)
Both renters and owners are spending a greater percentage of their income on housing costs (over 1/3 of … (0 comments)
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mortgage: Refi Without PMI, Even if Your Home Value Has Declined - 10/05/11 10:12 PM
Have property values declined, not so much as to put you ridiculously upside-down, but enough that your current loan balance may no longer be less than 80% of the current value of your home? If you're in a position where you don't pay PMI now because you didn't need to pay it … (6 comments)
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mortgage: FHA MIP on the Rise - FHA Loans Becoming Less Attractive, Costing More - 02/16/11 04:05 PM
FHA Annual Mortgage Insurance Premium just went up another .25%
On a $300,000 loan, this means the monthly payment just went up $62.50 per month!
This goes into effect on loans insured by FHA on or after April 18, 2011.
I hope our new construction buyers with FHA loans have homes … (3 comments)
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mortgage: Mortgage Loan with a 500 Credit Score? It's Possible! - 01/18/11 10:49 PM
According to a number of Wells Fargo Home Mortgage originators, Wells Fargo will now allow an FHA borrower to get a mortgage with a credit score of less than 600.
In exchange for a larger down payment and a lower overall debt load (lower Debt-To-Income ratios), Wells Fargo Home Mortgage currently allows … (8 comments)
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mortgage: FHA 90 Day Seasoning Rule Waiver - 06/09/10 04:36 PM
Effective February 1, 2010, HUD waived the requirement that an FHA Loan could not be issued on a home where the current owner was on title for less than 90 days before a contract to purchase was entered into.
Well, the fact that it was not included in a Mortgagee Letter … (3 comments)
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mortgage: The New Good Faith Estimate (GFE) Form, Page 1 (Part 1) - 11/12/09 01:00 AM
Let's examine the top half of Page 1 of the new Good Faith Estimate (GFE) form.
One of the first changes you will notice about the Good Faith Estimate form is that it now asks for the Loan Originator's email address.
It also asks for a Property Address. Remember, without a … (1 comments)
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mortgage: Shopping for a Loan - Understanding the New Good Faith Estimate (GFE) Form - 11/12/09 12:46 AM
Due to RESPA Reform, as of January 1, 2010, lenders are required to use a new, uniform, Good Faith Estimate (GFE) form. This new form creates additional disclosure and transparency about the loan product being offered as well as the costs to the borrower. The Good Faith Estimate (GFE) form … (3 comments)
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mortgage: Mortgage Shopping Will Soon be a Lot Less Complicated - 11/10/09 07:11 PM
Mortgage shopping will soon be a lot less complicated.
RESPA Reform takes effect on January 1, 2010. While still not perfect, the changes do simplify the ability to compare loan offerings between lenders. The goal was to simplify and improve disclosure requirements for mortgage settlement costs under RESPA. My analysis: … (3 comments)
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mortgage: How to "Shop" Loans and Lenders Part 1 of 7 (How to Shop Mortgage Loan Series) - 08/01/09 03:48 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (6 comments)
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mortgage: How to "Shop" Loans and Lenders Part 2 of 7 (Same Day - Same Time) - 08/01/09 03:46 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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mortgage: How to "Shop" Loans and Lenders Part 3 of 7 (Same Facts) - 08/01/09 03:45 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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mortgage: How to "Shop" Loans and Lenders Part 4 of 7 (TOTAL Cost) - 08/01/09 03:43 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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mortgage: How to "Shop" Loans and Lenders Part 5 of 7 (Friend/Special Deal) - 08/01/09 03:39 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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mortgage: How to "Shop" Loans and Lenders Part 6 of 7 (References) - 08/01/09 03:38 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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mortgage: How to "Shop" Loans and Lenders Part 7 of 7 (Extras/Additional Information) - 08/01/09 03:36 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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mortgage: To Refinance or Not to Refinance? - 03/25/09 01:48 PM
Many homeowners are tempted to refinance at interest rates that haven't been this low since the 1970s.
Well, should you? Or shouldn't you?
The general rule of thumb has been to refinance if you can save more than 1% on the rate (with no points or fees other than an appraisal, … (5 comments)
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mortgage: Mortgage rates fall to two-year low - 01/13/08 12:00 AM
A tribune article this week pointed out that mortgage rates have fallen to a two-year low!
Salt Lake is still one of the best markets to buy a home in and low interest rates just make things even better!
Mortgage rates fall to two-year low
The Salt Lake Tribune Article
Last Updated: 01/09/2008 04:23:27 PM MST
http://www.sltrib.com/business/ci_7923058
Homebuyer Representation, … (0 comments)
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mortgage: The wrong mortgage can cost thousands of dollars in needless fees, interest and other costs - 05/08/07 05:17 PM
The wrong mortgage can cost thousands of dollars in needless fees, interest and other costs.Many lenders have a handful of loan types that they use with almost all of their customers. You may qualify for special programs, but never hear of them. Many lenders use the loans that are most similar … (2 comments)
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mortgage: Why Loan Pre-Qualification Isn't Good Enough - 05/08/07 04:59 PM
Utah Homebuyers should be Pre-Approved BEFORE they make an offer.We strongly recommend that all our clients get Pre-Approved for a mortgage so they know in advance exactly how much you can afford and that their loan will go through. It also adds credibility and strength to their offer and is a … (1 comments)
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