salt lake city: Credit Conference Feb 12th SLC - 02/06/11 02:10 AM

This is a must attend conference!
Sat Feb 12th 2011
9750 South 300 West
Sandy, Utah 84070
Credit In The New Economy
Credit Scoring Models Are Changing Credit Scores Are USed For More Than Buying Homes and Cars All Credit Profiles Are Subject To Indentity Theft! Come listen to a panel of experts Nickeele Carlson -  Credit Expert David M. Cook  - Bankruptcy Attorney Tim Partridge - Automive Industry Veteran Jax H. Pettey - Real Estate Attorney Key Note Speaker - Business Coach
Get a free eBook on Identity Theft for registering

salt lake city: 5.75 Reasons To Buy A Home Now - 01/06/08 03:32 AM

Is This A Good Time To Buy A Home? Let's Take a Look at the Facts Interest Rates Are 5.75% (depending on credit score) Inventory is Ripe Unemployment is Low There Are Deals To Be Made Stop listening to the media. Dave Fox of KUTV News was involved in a loan fraud scheme. He made no money and was responsible for all the payments on a house. Are you going to listen to the media now? Now I am aware there are some parts of the market that are still going to correct itself and prices are going to slide … (4 comments)

salt lake city: Mortgage Fraud Utah In The Top Ten - 12/22/07 01:42 AM

The headlines are everywhere. FBI Launches Mortgage Fraud Task Force in the Nation's Capital Easy loans + red hot real estate = the perfect recipe for mortgage fraud Mortgage Fraud 101: Investigator Finds 400 "Crash and Inflate" Scams I am always amazed at the creativity of the techniques used to commit fraud. I remember the first time I sat in the Continue Education Class a few years ago that was on loan fraud. I came out of there with what were pretty good ideas. I often wondered did the class help educate or teach more people how to commit fraud. … (9 comments)

salt lake city: More Reasons For Salt lake Home Buyers To Use FHA - 12/15/07 03:47 AM

Banging On My FHA Drum Again There have been a couple of changes recently in the lending arena, Fannie Mae and Freddie Mac have added a new risk assessment fee and they are adding "delivery fees" First let's look at the risk assessment fee for those buying with a higher than a 70% loan to value ratio. Credit scores will determine the amount of the rate adjustment. Credit scores between 660-679: 0.750% of loan size in fees Credit scores between 640-659: 1.250% of loan size in fees Credit scores between 620-639: 1.750% of loan size in fees Credit scores below … (0 comments)

salt lake city: Mortgage Rates In Salt Lake City - 12/15/07 03:43 AM
Rates have gone up a little in the last week, or should I say last rates dipped a little below six. There are deals out there.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied.  It is with proving your income and a "full document borrower".
The rates quoted are based on a purchase price of $200,000 on a 30-day lock.  On these conforming loans, there are no prepayment penalties involved.
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or … (0 comments)

salt lake city: Free Combination Smoke/Carbon Monoxide Detectors For Salt Lake City - 12/06/07 02:32 PM

Salt Lake City Police Department
Public Information Office Phone 801-799-4203
315 East 200 South Salt Lake City, Utah 84111
Media Advisory  
Free Combination Smoke/Carbon Monoxide Detectors  
Each year in America, unintentional carbon monoxide (CO) poisoning claims more than 500 lives and sends another 15,200 people to hospital emergency rooms for treatment. CO gas can come from several sources: gas-fired appliances, charcoal grills, wood-burning furnaces or fireplaces and motor vehicles.
The Salt Lake City Police Department and the Salt Lake City Fire Department are offering free smoke/carbon monoxide alarms to residents of Salt Lake City. The Police and Fire Departments received funding for these items through … (1 comments)

salt lake city: Salt Lake County Mayor Peter Corroon - 11/17/07 09:24 AM

Click Photo For Bio
I had the great pleasure of seeing Salt Lake County Mayor Peter Corroon talk at our company's quarterly meeting. Just like the counties web site says "You might be surprised at the number of services we provide. Take a look around to learn more about current events, community programs, or rewarding volunteer opportunities."
I was surprised at the scope of Salt Lake County Government, I always thought of it as the caretaker to those areas that have not incorporated yet.
Salt Lake County's Budget for 2008 is $800 Million Dollars, which is a lot of money. Salt Lake County … (0 comments)

salt lake city: Mortgage Rates In Salt Lake City - 11/16/07 08:46 AM

The new "FHASecure Progam" may be coming out soon according to my Wells Fargo Bank Lender Reps reports that I have been receiving this week.
This will be a benefit to those who have adjustable ARM mortgages that are not currently an FHA loan and the interest rate has adjusted. If your interest rate has adjusted and you were delinquent on your loan due the adjustment, you may qualify for this special refinance program.
More information to come as it is officially released.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner … (0 comments)

salt lake city: Average Home Sales For Salt Lake County - 11/15/07 03:20 PM
This graph tells some good things, the number of listings, number of sales and the average home sales for Salt Lake County by quarters. 
Number of listings shown by the green line has maintained a pretty consistent with seasonal ups and downs, till 3rd quarter of ‘06, then the  inventory started to climb to an all time high.
Total number of sales shown by the red line has stayed pretty consistent also with it's seasonal ups and downs.
The Price of the Average Home Sales For Salt Lake County have consistently rose since the 3rd quarter of ‘03 with two minor drops, one for … (0 comments)

salt lake city: Salt Lake Real Estate Absorption Rate - 11/14/07 12:44 AM
Here is the absorption rate for Salt Lake County. 
We have segments that are not moving.
To understand the Absorption rate, you simply divided the number of active listings by the number of homes that have sold in the previous month.
The key is, the ones that are priced right are selling and the rest are not. See the graph for The Tale of Two Markets Based on the data from the previous post. The days on the market for priced correctly and that are in good condition is fairly short.

salt lake city: How To Evaluate An Income Property - 11/11/07 11:46 AM

Cap Rate
We hear many different ways to evaluate rental property. The one method that is the most effective is called the Capitalization Rate, affectionately called the Cap Rate.
I have heard many variations of the cap rate, things like 100 times the rent. That is called the rent multiplier, takes the rent and times it by say 120. The problem with that approach is it doesn't account for expense variations. It is a good rule of thumb measure to see if it is worth drilling down.
Are you ready for the unequivocal simple version of the Cap Rate, drum roll please?
Income, Minus Expenses, … (4 comments)

salt lake city: Mortgage Rates In Salt Lake City - 11/09/07 01:26 PM

The Federal government lowered Prime interest rates to 4.5%. This is an interest rate that is directly related with 2nd mortgages, car loans, credit cards etc.
There is talk of another decrease next month that will lower prime to 4.25%. A lot of people do get confused and think that is the rates for 1st mortgages. So, don't get confused.
It is still a great time to do buy or refinance your loans now. Do not be afraid of what you are hearing in the media. There are loans up to 100% available and grants to help with down payment and or closing … (0 comments)

salt lake city: Money Laundering or Assistance - 11/04/07 01:44 AM
Below is an update on the Down Payment Assistance Front. Recently HUD stated that they were going to do away with the DPA. A DPA is where a seller contributes 3% of the purchase price plus an administration fee to the DPA and the DPA will gift the buyer the down payment.
This program works for FHA loans and that is why HUD is in the middle of it.
A buyer's down payment can be a gift, however the gift cannot be directly from the seller. So this clever little money laundering technique has benefited many of homeowners get a 100% loan but … (5 comments)

salt lake city: 3 Most Imprtant Things For Selling A Home - 11/04/07 01:37 AM
The three most important factors when selling a home in a NON-seller's market are price, condition and a modern day highly trained real estate agent.
Now that the market in Salt Lake has shifted from a red hot screaming seller's market to a broad market, seller's now have to deal with competition. The last couple of years have spoiled sellers and real estate agents alike. Since approximately two thirds of the real estate agents have gotten their license in the last five years, most agents do not understand what has and is happening and what it takes to sell a home. The … (6 comments)

salt lake city: Rates In Salt Lake City - 10/27/07 09:51 AM

Rates have had some improvements over the last week.  It is a great time to do buy or refinance your loans now.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied.  It is with proving your income and a "full document borrower".
The rates quoted are based on a purchase price of $400,000 on a 15-day lock. On these conforming loans, there are no prepayment penalties involved. The above figures are deemed reliable but not guaranteed. This advertisement is being provided for informational purposed only and is not to be … (0 comments)

salt lake city: Salt Lake Tribune Newspaper Or Tabloid - 10/24/07 04:04 PM
Is this a silly picture I found or a resume of a Salt Lake Tribune Real Estate Reporter? With Utah's unemployment being below 3% for a year and under 4% for two years, the tribune is feeling it too.
The story's headline, which said, "Utah's housing boom now a bust," was misleading and inaccurate. The story only cited statistics regarding home-building permits; the story did not mention existing home sales or the pockets of new-home construction that are doing well. The headline led Tribune readers to believe that all segments of Utah's housing market are doing poorly. If such broad generalizations are … (2 comments)

salt lake city: 8 Reasons Why You Should Use An FHA Approved Lender - 10/22/07 10:18 AM

8 Reasons Why You Should Use An FHA Approved Lender
1. FHA Approved Lender Can Offer You Conventional Products, But A Non FHA Approved Lender Cannot Offer You FHA 2. FHA Approved Lender Has To Have A $250,000 Net Worth, 20% Has To Be Liquid 3. FHA Approved Lender Has To Have A Written Quality Control Plan. 4. FHA Approved Lender Has To Go Through Annual Audits Of Their Files 5. FHA Does Not Use FICO Score* 6. FHA Allows The Seller To Contribute Up To Six Percent For The Buyer* 7. FHA Allows The Down Payment To A Be Gift* 8. … (1 comments)

salt lake city: When Buying A Home, Should I Get A Home Warranty? - 10/20/07 03:56 PM
Home Warranty 101
A Home Warranty is an insurance policy against mechanical defects of the home.  If a mechanical item breaks down the home owner then calls the Home Warranty Company.  The company then sends out a technician to look at the defects.  The home owner will pay a $55 deductible and the technician will invoice the Home Warranty Company for all of the covered costs over and above that amount.
The basic cost of a Home Warranty policy can start at about $255 for condos and $275 for single family homes.  The basic plan for a home warranty policy will include items … (1 comments)

salt lake city: Things You Need To Know When Buying A Home - 10/17/07 01:31 AM
The Basic Process Of Buying A Home Well the first one seems to obvious but it starts here. The decision to buy a home.
There are many reasons to buy a home, the two most common.
Investment (read Homeownership As A Savings Plan).Security Knowing you have a place that is yours and can be passed down.
Once you have made a decision to buy a home, usually (especially first time buyers) people start looking at houses and start dreaming. Which is OK as long as you don't get your expectations higher than your ability. It is difficult to have seen homes and visualized yourself … (2 comments)

salt lake city: Property Appraisal - 10/17/07 01:23 AM

The Bank Qualifying The Property
As I mentioned in Things You Need To Know When Buying A Home the Bank qualifies the borrower AND the property. Let's talk about qualifying the property, for the most part it means an appraisal. When you are borrowing money the bank will require it. If paying cash it is not necessary and sometimes a good set of comparable sales can satisfy the need for an appraisal. How an appraiser does an appraisal.
There are three approaches to appraising a property.
1.    The cost depreciation approach. First the appraiser will establish the value of the land and … (1 comments)


Rob Aubrey

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