Archive for the ‘Home Loans’ Category.


Home Property Values Went Up and Interest Rates Stayed Down

Ringing In The New Year for Home Mortgage Loans

Wow what a year I’m glad 2012 is over but at the same time I’m sad it went by so fast, it was a roller coaster year, property values went up and interest rates stayed down for the most part.

There are some major changes coming up in the market, we are still short on inventory for homes which is driving the prices up a little. If you’re looking to sell and move-up into a nicer home or if you’re a first time home buyer now is still the time to jump in and get going.

We still have great loan programs that you can take advantage of for FHA, you just need a 620 score 3.5% down and closing cost. Rates are still in the three’s so call me! Next they didn’t change the tax laws yet which means that you will still be able to write off that mortgage interest on your taxes! This coming year.

For those of you who wish to refinance, now is the time, you can do a FHA streamline with your current FHA mortgage if you took your loan out before June 2010 your MI rate will be grandfathered in, so it’s just .55% for you. But don’t forget you may also be able to do a fixed conv. Refi and not have MI any more if you have 20% or more equity.

What I’m trying to tell you is 2013 is not the year to sit back and wait, rates can’t stay this low give yourself time by checking into it now, it’s the old Boy Scout saying of Be Prepared!  On are next blog look for some great tips on how to get your home ready for the appraisal to see!

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FHA Loan Alert

FHA Loan Alert

Well it has not been a good year for FHA and things are going to change.

The first of Feb. they are looking at raising the MI or up front mortgage insurance again!

What this means to you is it now will cost 1.75% of the loan amount to get an FHA loan, so on a 200,000.00 house that’s $3500.00 out of pocket, this is on top of the monthly mortgage insurance your still going to have to pay along with your payment each month.

FHA is still trying to offset this by filling suit on several of the large banks one of them for a Billion Dollars but first you have to win and then be able to collect and we all know how backed up the courts are.

So first time home buyers get in get qualified and go shopping for a house, don’t wait make your dream of home ownership come true today.

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Home Mortgage Market Update

The holidays are fast approaching and so is more vacation time for congress, well they are still haggling over what to do about the so called Fiscal Cliff all I can say is be prepared!

As we all know every good Boy Scout has a back-up plan when they head out, that is why I want to give all of you a little advise…if you’re still thinking of refinancing your home you really need to get going on it now and this is why.

With Washington dragging its feet all of the tax credits are going to expire and no budget cuts will be made, this is not going to be a good day for the Stock Market! And we all know it is also tied into Bonds!

My point is when the Market tanks, Bonds get BETTER! when they get better interest rates get better I’m thinking that this will be a very short window when the rate drops to be able to lock in a great rate!

So get in now so we can start prepping your loan package, so when the market sours you will be able to save a ton of money on your rate.

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Homes Are Appreciating Again in Utah!

This is fantastic news, especially here in Utah! Homes are appreciating again.

Increasing values prompt more homeowners to refinance due to improved equity positions, thus creating  an option for homeowners to be able lower their interest rates on their current home they own with better financing terms.

For sellers these values have also motivate buyers to get off the fence and purchase before prices go up and rates increase.

We are looking forward to 2013 because this translates into a lot more home buyers in the market, we are seeing this across the state of Utah.

The first time home buyer is allowing the people who already own a home to be able and sell then move up to a larger property it’s nice to see us pulling ahead of some of the other states and put the rough housing market behind us.

Even though its getting ready to snow here are a few tips to help get your home ready to sell,

There’s one thing I really like about winter and all of the snow we get here in Utah, and that is as long my driveway is plowed and the sidewalk is shoveled my yard looks just as good as the rest of the block…..just kidding…

But now is the time to get rid of that junk by the side of the house so start your spring cleaning now and make one more run to the dump, and get ready to fill up the storage unit, most people like to walk into your home and envision how all of their things would look in it, so store what you’re not using, clean out the closets and extra bedrooms if you’re not using it now, store it for later or have that one last yard sale before the snow fly’s.

remember now is not the time to do a major remodel!

Your idea of what looks great may not be what someone wants in their new home so if you’re selling make sure it’s neat and clean and ready to show!

If you’re buying, get prequalified even if you’re looking, I have had clients who just thought they would hit some open houses and then fell in love with a new floor plan and wanted to purchase it, even though they had a house to sell.

This happens more than you think so call me and let’s get you ready today.

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This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant¹s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Equal Housing Lender. Utah Mortgage Loan Corporation. Serving you in: Salt Lake City, Utah

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