lenders: Who does the Appraisal Really PROTECT? - 08/16/19 03:37 PM
Most Utah Homebuyers believe that the appraisal is being done to protect the Buyer. Although it may ultimately do so, the appraisal is really done in order to protect the lender. Appraisers are hired to protect the Buyer's lender(s). The main part of the appraiser's job is to determine if there is enough collateral value in the property to protect the lender's lien-holder position (risk).
In some markets, appraisals may be routinely performed before presenting offers. However in Utah, the appraisal is typically ordered after a contract price has already been agreed to. In this case, most Buyers will (should) include an … (0 comments)

lenders: 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)

lenders: 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)

lenders: 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)

lenders: 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)

lenders: 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)

lenders: 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)

lenders: 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)

lenders: 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)

lenders: Beware the Bailout Buzzwords - 04/20/09 03:19 PM
Beware the Buzzwords.
I had a recent experience with my current mortgage holder that makes me wonder if consumers are accepting "deals" from banks that are not "deals" at all.
First, to be clear: I have equity in my home and I don't need a loan modification. I'm just in the market to refinance because rates are pretty good right now.
I called to get a payoff on my existing loan. I got transferred to a loan retention department where they had a "special deal" for me if I stayed with them. I think it was something like 1/8 less than … (10 comments)

lenders: A Possible Solution to the Real Estate/Mortgage Crisis - 10/02/08 03:54 AM
I would strongly urge lenders, banks and investors to consider agreeing to adjust notes back to the start rate on the adjusting and ballooning mortgages (or the start rate +.25% or .50%).
Don't pay them any incentive or "bailout" to do so.
They made the bad loans or let them be made. Let them take some responsibility for those actions. The result would keep a huge number of people in their homes who otherwise would lose them, preserve the value of the collateral and help minimize future defaults. True, the investors will get less return than they hoped. But … (37 comments)

lenders: Bailouts Bids Benefit Banks but Borrowers Being Abandoned - 10/01/08 08:03 AM
Why are we bailing out the banks when consumers were duped into the cruddy loan products the banks sold them...? (At least some of them were "up-sold" the ARM or some other ridiculous loan, perhaps with an inflated Debt/Income ratio as an added bonus?) Why should businesses be saved when consumers will lose their homes? The whole mess came about because loans were made that shouldn't have been made... (hundreds of thousands of loans, maybe even millions of them!) The facts are:
Buyers should come in with down payment, Home prices should be set at an affordable level (by offering sound … (7 comments)

lenders: Which Loan is REALLY the Best? - 05/08/07 10:28 AM
With so many lenders, loan types and loan programs, how can you REALLY know which loan is best?
At Homebuyer Representation, our Exclusive Buyers Agents can assist you in looking at your financing options and possible sources of financing. We are not lenders. Our only goal is that you understand the total cost of each loan, loan type, or loan product or configuration which you are considering.
With this in mind, we created the TOTAL COST OF THE LOAN EVALUATOR®. Our TOTAL COST OF THE LOAN EVALUATOR® allows you to understand what you are really paying for your loan based on the actual dollars … (2 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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