mortgage information: What About Higher Interest Rates in Salt Lake - 12/05/15 10:58 PM

mortgage information: Mortgage Commitment & Final Approval - The Difference - 09/19/15 11:42 PM
 The Difference Between Mortgage Commitment and Final Approval
Salt Lake home buyers are often confused about the terminology used for loan approvals. Mortgage commitments, in particular, are a common source of confusion.
Part of the problem is that the terminology can be used in different ways by different lenders. But there are some common definitions used by most lenders most of the time.
Let’s start at the beginning of the mortgage application process. Most borrowers get pre-qualified or pre-approved by a lender before they start shopping for a house. This is when the lender reviews the borrower’s financial situation to determine how much they … (2 comments)

mortgage information: How To Apply For Home Loan in Salt Lake - 09/12/15 08:01 PM
 I get a lot of calls about how to apply for a home loan in Salt Lake. So i have put together a post with some pretty good links that may get you started as you look thru all of the homes for sale in Salt Lake.
How to Apply for an FHA Loan
FHA loans have become one of the most popular financing tools for home buyers looking for a mortgage for a new house or condo in the Salt Lake area.
They are particularly popular among Salt Lakes first-time buyers with limited cash for a down payment. In this post, you’ll … (0 comments)

mortgage information: Difference Between Fixed and Adjustable Rate Mortgage - 09/12/15 07:56 PM
 The Difference Between Fixed-Rate and Adjustable-Rate Mortgages
As a borrower, you’ll have the option of choosing either a fixed-rate mortgage (FRM) or an adjustable-rate mortgage (ARM). They both have their pros and cons. The primary difference is how the interest rate behaves over the life of the loan. Here’s what you need to know about the differences between fixed and adjustable loans.
Fixed-Rate Mortgage (FRM): This is the most popular type of loan among home buyers. As you might have guessed, it carries the same interest rate from start to finish. The rate never changes. This is true even if the length or … (0 comments)

mortgage information: New Construction Loans in Salt Lake - 06/19/15 09:51 PM
An Overview Of New Construction Loans | Salt Lake New Construction
If you are purchasing a house from a builder, you will usually avoid obtaining a complicated construction loan. Builders typically cover the building process and enable you to close on a conventional loan after the home is finished. Although this makes your loan process simpler, there remain a few unique aspects of the loan process for purchasing new construction. This article on an overview of new construction loans covers this in further detail.
Information Requested for New Construction LoansYou will always hand over financial information and a contract for approval when applying for a … (0 comments)

mortgage information: Home Loans in Salt Lake - 05/16/15 11:20 PM
Home Loans in Salt Lake
  Salt Lake 97% Conventional Financing
Many people think that you must submit a huge down payment to use a conventional home loan, but this is in fact not the case.. Although FHA financing is popular for first time property buyers with low down payments, there are certain conventional financing alternatives with low terms. This article describes Salt Lake 97% conventional financing. See about Salt Lake home loans here.
Regarding Conventional Home Loans Some Calculations When qualifying for any kind of home loan, lenders will review your finances. Your current salary and supplemental income sources … (0 comments)

mortgage information: Good Advise About Your Next Home Mortgage in Salt Lake - 03/21/15 11:00 PM
Need some good advise about your next home mortgage in Salt Lake?
Our favorite Salt Lake loan officer Doug Walker, sent us his most recent newsletter. There were some very interesting posts. Depending where you are in the home buying process, you might find them helpful.
A great example if you are a first time home buyer, is the the reduction of the mortgage insurance premium announced by the FHA. Who wouldn't want to save almost $100.00 a month on their house payment? Find out the new cost of financing with an FHA loan. If you are not sure … (1 comments)

mortgage information: One Loan to Buy & Refurbish West Jordan Home - 12/31/14 10:06 PM
Doug Walker, a trusted lender of ours sent me info on getting one loan to buy & refurbish the West Jordan home  that Berna has listed. If you have seen listings, that with a little work, could be ideal for your family, pay attention to what Doug has proposed for Bernas West Jordan UT Listing. 
Ever hear your buyers say, “I love this home except it needs about $15,000 for new carpet, paint, cabinets, jetted tub, etc.  Now you can remove that objection and close NOW with a LENDER FUNDED repair escrow up to $25,000.  This loan is exclusive to PrimeLending … (2 comments)

mortgage information: Buying A New Home In Salt Lake-Get a "Buy Down" - 06/04/09 11:55 PM
Want A Lower Mortgage Rate On Your New Home?-Buy It!

Most often referred to as just-plain "points", discount points are an up-front fee charged by a mortgage lender in exchange for a lower mortgage rate. 
If you have been paying attention to the Saturday Salt Lake Real Estate section in the Salt Lake Tribune you'll see some New Home Builders offering interest rates @ 4.5%. As much as 1.5 points under what the going rate is.
This article explains how this happens and what the new construction builder is doing to help make buying a new home a wise … (0 comments)

mortgage information: Salt Lake First Time Home Buyers Get Down Payment Help From FHA - 05/13/09 11:48 PM
 It was announced last night that the FHA would allow first Time Home Buyers in Salt Lake to use the $8000 Tax Credit as a down payment. (see HUD article on stimulus)
Actually as part of the Federal bail out package the offer extends throughout the country.
But... You probably know by now, just as all Real Estate is local, so am I. If it's not about homes in West Jordan, South Jordan, Sandy, Taylorsville, Herriman, Bluffdale, Draper,  or the other towns that make up the Salt Lake market, it just aint happening.
But this is happening, and for all of you … (0 comments)

mortgage information: West Jordan Home Owner Needs Mortgage Help !!! - 01/11/08 05:55 AM
A West Jordan home owner called yesterday and left this message on my machine: "I NEED HELP". Then she let me know,(or whoever was listening) that she was grateful for all the information she was getting from TV, Newspapers, Radio, e-mails, direct mail and anyone else that could reach her. Further, since everyone was so concerned with her home mortgage she was sure she had or soon would have a problem. She mentioned a few terms that gave her pause......... LIBOR, REVERSE MORTGAGE, SHORT SALE, REO, BANK OWNED.  ...  Did any of these terms apply to her home loan?
Thelma (not her real name) wanted … (0 comments)

Gordon Sloan, Salt Lake Homes For Sale, Salt Lake Real Estate (Group1 Real Estate, selling houses in Salt Lake City Utah )

Gordon Sloan

Salt Lake Homes For Sale, Salt Lake Real Estate

Salt Lake City, UT

More about me…

Group1 Real Estate, selling houses in Salt Lake City Utah

Address: Salt Lake City, West Jordan, Sandy, South Jordan, West Valley City, Draper, Herriman, Bluffdale, Riverton, Murray, Taylorsville , West Jordan, UT, 84088

Office: (801) 567-0946

Mobile: (801) 554-4560

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