mortgage: The Wrong Mortgage Can Cost You Thousands of Dollars - 07/30/19 01:31 PM
The wrong mortgage could end up costing you thousands of dollars in needless fees, interest and other costs.
Many lenders have a collection of go-to loan types that they use most often. However, your circumstances may require a special product that only certain lenders can offer. Many loan originators prefer to offer loans that give them the highest yield or profit (the loan that will put the most money in their pocket...).
Some lenders will find out what your hot-button is. Is it wanting the lowest interest rate? The lowest fees? The lowest monthly payment? Loans can be configured in many ways. Modifying … (0 comments)

mortgage: Three Tips for Shopping Your Home Loan and Saving Big - 09/27/13 07:30 AM
One of your biggest savings when buying a home can come from the simple act of shopping your home loan. 
Shopping for the best mortgage can save you thousands of dollars in up-front costs, and many thousands more over the life of the loan. 
Most lenders are good people trying to provide for their family within the framework of the company they work for. The fact is, however, some loan originators simply cannot offer you the best rate and terms available to you. What they offer depends a lot on how much volume their company does, how much overhead the company has, … (0 comments)

mortgage: First Time Buyers - Should You Buy a Home in 2012? - 11/09/11 06:32 AM
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 and in their current field) has a strong impact on the decision to purchase or not, even more than low interest rates.Interest Rates and Mortgage Insurance
Low interest rates sound good, and are good, but what isn't talked about much is that the cost of mortgage insurance has almost doubled … (0 comments)

mortgage: Utah Housing and Mortgage Trends Compared to Other States - 10/26/11 07:26 AM
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 their income for both groups. Renters are generally paying 5.2% more of their household income toward housing expenditures than homeowners. 66% of foreclosed properties became REO, i.e. Real Estate Owned ("bank owned") More investors are skipping the foreclosure auction in favor of buying the REO homes directly from the bank. Sales … (0 comments)

mortgage: Refi Without PMI, Even if Your Home Value Has Declined - 10/05/11 03:12 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 when you first took out your current loan, or because you didn't need it the last time you refinanced... perhaps you've felt that refinancing wouldn't benefit you, having heard that the cost of PMI has increased significantly over the past few years.
Many homeowners are unaware that both Fannie Mae and Freddie … (6 comments)

mortgage: 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)

mortgage: Mortgage Loan with a 500 Credit Score? It's Possible! - 01/18/11 02:49 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 borrowers to take out an FHA loan on a purchase transaction with a minimum credit score as low as 500.
Here are the details as I understand them:
The credit policy change was posted to Wells Fargo Home Mortgage originators on January 14, 2011 and takes effect for purchase transactions … (10 comments)

mortgage: FHA 90 Day Seasoning Rule Waiver - 06/09/10 09:36 AM
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 is causing some problems.
I called HUD today to make them aware of the absence. I have no idea if or when they will actually put it into a Mortgagee Letter or not, but I thought it wouldn't hurt to ask them to.
HUD and FHA were both on board … (3 comments)

mortgage: The New Good Faith Estimate (GFE) Form, Page 1 (Part 1) - 11/11/09 05:00 PM
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 property address (the one the borrower intends to get the loan for), the Good Faith Estimate is non-binding, meaning the lender (or loan originator) is not able to be held to fees and rates quoted. However, prior to closing, a Good Faith Estimate will all the required information on it … (1 comments)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: 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)

mortgage: To Refinance or Not to Refinance? - 03/25/09 06:48 AM
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, Title Insurance, and re-establishing an escrow account). You also generally want to be planning on staying in the home for at least another few years, as it will usually take a year or two to recoup those costs. (MORE, if you pay origination fee and junk fees.)
I read an … (5 comments)

mortgage: Mortgage rates fall to two-year low - 01/12/08 04:00 PM
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, Inc. is an Exclusive Buyer Brokerage serving Salt Lake and surrounding areas. We do not list homes and we don't represent Sellers. We work for you on the Buying side of the transaction at all times.
For more information, just call us at (801) 969-8989 or contact us via the link on … (0 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

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