costs: Buyer's Agents are NOT Free - 09/06/13 04:41 AM
Many buyers have heard agents say that it doesn't cost anything to have professional representation as a buyer. This is simply not true. While the cost of NOT being represented in a real estate transaction is certainly greater, nearly every buyer's agent is compensated with money that, in a roundabout way, comes from the buyer.
For a listed home, a seller often contracts with a listing brokerage to pay a commission when the home sells. Usually, the listing brokerage offers to split that commission to compensate a buyers agent who brings a buyer for that home. If a buyer comes without … (3 comments)

costs: FHA MIP on the Rise - FHA Loans Becoming Less Attractive, Costing More - 02/16/11 08:05 AM
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 to close on before then!
There is surprisingly little coverage on this. Here is one of the few links I could find other than bloggers: Fox News
If you will be buying a home with FHA Financing this spring ANYWAY, you may want to consider beginning your home search a … (3 comments)

costs: 5 Tips to Keep Your House Cool This Summer - 07/14/10 01:09 PM
5 Tips to Keep Your House Cool This Summer Fans and ceiling fans can make a room feel 6 or 7 degrees cooler Install white window shades, drapes or blinds to reflect heat away from the house. Turn off appliances, electronics and lights when not in use. Avoid cooking and baking mid-day. Replace incandescent bulbs with compact fluorescents, they use a fifth the energy and heat. Add insulation to your attic. Upgrading from 3 inches to 12 inches can cut cooling costs by 10%. I got these tips from RisMedia. The original article is here.
Here's a bonus tip I'm throwing … (6 comments)

costs: The New Good Faith Estimate (GFE) Form, Page 2 Section A - 11/11/09 05:24 PM
Page 2 of the new Good Faith Estimate (GFE) will look significantly different from Good Faith Estimates of the past.
Section A has 2 parts.
Item 1 is the origination charge, or what the lender is charging you for the loan. This number includes ALL lender fees, combined into one figure. These fees include all the items one used to see listed on Good Fath Estimates as separate line items under such names as:
Application Fee Origination Fee Processing Fee Underwriting Fee Document Preparation Fee Administration Fee Wire Transfer Fee etc. It may also will include any Yield Spread Premium … (0 comments)

costs: Shopping for a Loan - Understanding the New Good Faith Estimate (GFE) Form - 11/11/09 04:46 PM

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 is 3 pages in length. All lenders will use the same form. This was not true prior to January 1, 2010.
Once a borrower has provided all the information necessary for a lender or broker to complete a Good Faith Estimate (GFE), the loan originator has 3 business days to … (3 comments)

costs: Mortgage Shopping Will Soon be a Lot Less Complicated - 11/10/09 11:11 AM
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: Mission Accomplished
Here are some key highlights for borrowers:
The new Good Faith Estimate (GFE) and the New Settlement Statement (HUD1 or HUD1A) now correspond to one another. In the past, there was no direct correllation between line items, making it difficult for a consumer to know whether or not … (3 comments)

costs: How to "Shop" Loans and Lenders Part 1 of 7 (How to Shop Mortgage Loan Series) - 08/01/09 08:48 AM
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 unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (6 comments)

costs: How to "Shop" Loans and Lenders Part 2 of 7 (Same Day - Same Time) - 08/01/09 08:46 AM
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 unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

costs: How to "Shop" Loans and Lenders Part 3 of 7 (Same Facts) - 08/01/09 08:45 AM
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 unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

costs: How to "Shop" Loans and Lenders Part 4 of 7 (TOTAL Cost) - 08/01/09 08:43 AM
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 unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

costs: How to "Shop" Loans and Lenders Part 5 of 7 (Friend/Special Deal) - 08/01/09 08:39 AM
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 unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

costs: How to "Shop" Loans and Lenders Part 6 of 7 (References) - 08/01/09 08:38 AM
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 unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

costs: How to "Shop" Loans and Lenders Part 7 of 7 (Extras/Additional Information) - 08/01/09 08:36 AM
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 unnecessarily pay too much in fees in order to get the lowest interest rate.
Shopping for a loan does not have to be difficult or complicated. The key is to take control of the process, get organized, and make sure you do it right.
Here are some basics on ONE … (0 comments)

costs: How is Earnest Money Applied at Closing? - 04/08/09 04:35 AM
Earnest Money is applied as a credit to you at Settlement.
The settlement sheet is basically a balance sheet. The money you owe is on the top of your side (purchase price, closing costs, your portion of property taxes, etc.) All the money paid on your behalf (loan proceeds, earnest money, the seller's portion of property taxes, etc.) is on the bottom of your side and is a credit to you. The difference between what you owe and what you have paid (including the Earnest Money) is what you have to bring in to closing (or what is refunded to you … (0 comments)

costs: Buying "Small" in Salt Lake - 10/03/08 08:53 AM
With all the plusses that come with more square footage, the smart buyer will look at the additional costs. Whether you are buying a home as an investment, or planning on living there a long time, there are many reasons some Buyers choose to buy "small" rather than buying "large" homes. Most Buyers who choose to buy small do so out of some necessity: The home is closer to work, their buying budget only gets them a small home, etc.
But some buyers who could buy big, still choose to buy small and their reasons are food for thought.
Some of … (3 comments)

costs: Home Buyers Beware when Choosing a Utah Home Inspector - 07/15/08 07:05 AM
In Utah, all it takes to be a home inspector is to call yourself one.
See  Get Gephardt – Worst Home-Buying Fiasco Ever! -
Quotes:
"And guess what, home inspectors need absolutely no qualifications whatsoever in Utah."
"...there is no state agency overseeing home inspectors in Utah. And it appears anyone can declare themselves a home inspector: with no training, no license, and no experience."
If you are thinking about buying a home in the Salt Lake area, you will want to have your home inspected by a good home inspector. Begin as soon as possible to research various home inspection … (1 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

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Homebuyer Representation, Inc.

Address: PO Box 701481, SLC, UT, 84170-1481

Office: (801) 969-8989

Mobile: (801) 999-8889

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