Even though today's consumer society has become one of buy now, pay later, there are some things that may actually be better to save up for, instead of just rushing into with credit and loans. One such item is your down payment on your first home. As unpopular as it is, and as difficult as it sounds, saving up for your first down payment, rather than financing close to 100% of your home purchase, may score you the best deals and save you the most money in the long run. Ideally, you should wait until you have a full 20% of the home's price saved up that you can contribute as a down payment. To be sure, this is a lot of money. According to the National Association of Realtors, the median sales price for an existing home in 2006 was $220,000. A 20% down payment on such a sum would equal $4... 04/25/2009

Sold homes in American Fork decreased by four units but prices the homes were sold at actually increased.  When comparing the first quarter of 2008 to the first quarter of 2009, median sold price increased 10.8% and average sold price increased 6.8%.  American Fork homes are right at the county average with 16 months of inventory.    04/22/2009

Enjoying his fast paced, opulent, enlightened life, successful young entrepreneur, Louis Lautman's curiosity and fascination of business achievement at a young age ultimately launched him on a cross country journey to seek out and interview the world's most successful young millionaire minds and entrepreneurs to discover and expose "The Secret" behind their success.Lautman, age 30, knew from his own experience in business that many young entrepreneurs still struggled and was committed to sharing the strategies these young geniuses lived by to create a thriving life of prosperity, wealth and abundance at a young age.Like every hero, Louis was thrown into crisis as he was presented with the astounding fact that the fundamental premises that ran his life were untrue. The "reality" of how y... 04/21/2009

It is an unfortunate but all too common scenario today: you bought a home a few years ago during the height of the housing boom.  In order to afford for the rapidly price-appreciating home, you took out a risky adjustable-rate mortgage (ARM), think you would be able to refinance before the interest rate and payments reset.  Now that the housing market has slowed and slumped, you find yourself unable to keep up with higher monthly payments and unable to find financing for a new loan.  Because the housing market is flooded with excess inventory already, you are unable to sell your home to remedy the situation.  You are now faced with a difficult decision: continue missing mortgage payments and lose your house, or file for bankruptcy? When it comes to your credit score, both of these choic... 04/14/2009

Here is a list of documents that are usually required when you apply for a mortgage.. Your Property Copy of signed sales contract including all riders Verification of the deposit you placed on the home Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved Your Income Copies of your pay-stubs for the most recent 30-day period and year-to-date Copies of your W-2 forms for the past two years Names and addresses of all employers for the last two years Letter explaining any gaps in employment in the past 2 years If self-employed or receive commission or bonus, interest/dividends, or rental income: Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attache... 03/22/2009

Are you Elderly (Over 62 years of Age)?  Are you considering selling your home to get the money necessary to survive in your retirement?  The Reverse Mortgage (RM) may be a great alternative.  The RM was designed to enable older retired homeowners who are likely to be on fixed income to use the equity in their homes (Most likely totally paid for) as a source of supplemental income while still retaining ownership.  The RM program is available to homeowners who are 62 years of age, who own their home free and clear or nearly so and who wish to use the equity in their homes to cover part or all of their living expenses after retirement. The way the RM works is like this, a lender has the home appraised and then lends a certain percentage of the current value.  The loan itself is paid to th... 03/18/2009

Origination points are a fee paid to the originating lender which is part of the profit margin for the services that they provide.  Both are measured as a percentage of the loan amount and both are factored into the loans APR.  Generally, points are deductible as long as the seller didn't pay for them and origination fees are tax deductible provided they are expressed as a percentage. Discount points enable you to lower your loans interest rate.  They are basically prepaid interest, with each point equaling 1 % of the total loan amount.  When you pay a point on a 30 year mortgage, you can lower your interest rate by .125 of a percentage point.  When comparing loan rates, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid.  Discou... 03/15/2009

As a Realtor who represents the Home Buyer, I have found through the years, the Home Warranty to be a very important factor in the home purchase process.  The last thing a new home buyer wants to worry about after closing is the possibility of something breaking down.  There are many things that could go wrong, for peace of mind; it would be a good idea to get a home protection plan.  I believe it is especially important for First-time home buyers, with little experience maintaining a home. Generally the Seller pays for the Home Protection plan and Home Warranty coverage.  This is not only a benefit for the Home Buyer, but it also protects the Seller, because the home buyer won't be calling and bothering him when things go wrong. For an annual fee of $250 to $600, the warranty covers re... 03/08/2009

The first document issued to you by your loan officer is The Good Faith Estimate, or GFE is a document that, in compliance with the Real Estimate Settlement Procedures Act, discloses to the borrower all the costs associated with the loan transaction.  The GFE discloses the interest rate, and settlement charges in effect on the date of application.  The GFE is not required to be issued until an application is actually made.  Once the application has been made the GFE must be issued to the borrower within three days following the date of the application.  However, if the application is withdrawn during that initial three days then no disclosures are required to be issued. Make sure when you receive a GFE, that you have it explained by an experience Mortgage Professional, preferably the on... 03/07/2009

Source of funds for your down payment and closing costs is one of the major concerns when it comes time to close on your home loan.  Lenders will require statements for the last two or three months on any of your liquid assets.  This includes checking and savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.  It is very important that there not be a lot of movement between the accounts mentioned above just prior to or during the closing process.  Lenders will require a complete paper trail of all the withdrawals and deposits.  Moving your money around, even if you are consolidating your funds to make it easier could make it more difficult for the lender to properly document.  So it is important ... 03/01/2009

By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, , Springville, Mortgage Xpress, Agent When determining your ability to qualify for a home loan, a lender looks at what is called your "debt-to-income ratio.  The debt-to-income ratio is the percentage of your gross monthly income (before taxes) that you spend on debt.  This will include your monthly housing costs, including principal, interest, taxes, insurance, and homeowner's association fees.  It will also include your monthly consumer debt, including credit cards, student loans, installment debt, etc. Buying a new car during the Home Loan Process can drastically affect the outc... 02/26/2009

The last process that takes place just prior to recording is the closing.  At closing the Title or Escrow company provides the buyer with Title Insurance or an Owner's Policy.  They insure that you have clear title to the property.  If there are any problems later you can always go back to the Title Company and have them clear it up.  During the closing the Title Company also provides a Lender's Policy.  The Lender's policy insures your mortgage lender that there are no liens or judgments against the property and that the property and the mortgage company will be in the first position.  In other words, should you sell the property or refinance it, their mortgage gets paid first, before any other claims against the property.  The Lender's policy is paid for by the Buyer. Search Utah MLS... 02/24/2009

By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent One of the major advantages of owning your own home is the stability of having a stable monthly mortgage payment.  In today's ever changing housing market, with the rise in foreclosures, renting a home has been the only option for many families.  The supply demand for rental properties has increased the monthly payments for many renters.  As a general rule rent will increase quite often even during a stable housing market. With a fixed rate mortgage, the home owner has the luxury of establishing a stable monthly payment.  This along with the tax ... 02/14/2009

Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Mortgage Xpress Private Mortgage Insurance (PMI) is the safety net of the lender.  PMI benefits lenders because it guarantees payment on the balance of loans not covered by the sale of foreclosed properties. If a borrower makes a down payment of 20% of the cost of the home, the lender can generally trust that he will make his mortgage payments faithfully to protect a large investment. In this case, the lender comes out ahead if the borrower is forced to foreclose on his house, because the lender loans 80% of the cost of the house, but will probably recover 100% of the cost of the house. But, if the borrower makes a smaller down-payment, suc... 02/11/2009

By: Robert A. Hulme - Realtor - Loan Officer - Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills Origination points are a fee paid to the originating lender which is part of the profit margin for the services that they provide.  Both are measured as a percentage of the loan amount and both are factored into the loans APR.  Generally, points are deductible as long as the seller didn't pay for them and origination fees are tax deductible provided they are expressed as a percentage. Discount points enable you to lower your loans interest rate.  They are basically prepaid interest, with each point equaling 1 % of the total loan amount.  When you pay a point on a 30 year mortgage, you can lower your interest rate by .125 of a percentage... 02/05/2009

We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION                    Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.     This is NOT a good time for those with low and/or no risk tolerance to purchase.  A strong case can be made that those who are looking for a home for their family with plans to stay long term.  Why not buy now?  Especially if the numbers make sense, i.e. Owning vs. Renting.  Even, if the market retracts more (which is extremely likely) in the future.  Between the coming market bounce and future normal cycle ... 02/03/2009

By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent How do you know which type of mortgage product is best for you?  There is no simple answer to this question?  The right type of mortgage for you depends on many different factors: •·         Your current financial situation •·         How much you expect your finances to change •·         How long you intend to stay in your house •·         Your tolerance for having your mortgage payment changing from time to time. Most important is to consult a mortgage loan professional when it is time to decide what is right for you. The down payment required... 02/02/2009

By:  Robert A. Hulme - Realtor - Loan Officer Well the time has come for you to sell your home, it could be for a variety of reasons.  Perhaps you need more space for an expanding family maybe your current home just doesn't fit your needs anymore.  Maybe the reason is much more stressful such as a divorce or any unexpected job relocation.  The last thing you need during this time is someone helping you sell your home that is unprofessional or doesn't understand the current real estate market. When you are selecting a Realtor, make sure you find someone whose personality is not in line with yours.  Even if the agent has terrific credentials and has sold a lot of homes over the years, they may not make you feel comfortable.  You will be dealing very closely with your Realtor everyday, so ... 01/21/2009

2008 Home Sales in American Fork were down by about 23% compared with home sales in 2007. There were just 233 MLS listings reported sold. The average sold price of homes also dropped by about 6% from $258,404 to $242,567, and the median home price dropped from $225,500 to $215,000. Home prices are getting more affordable, and there are still plenty of homes for sale in American Fork UT. It's a buyers market, and at 2008's home sales pace, there is currently 11.2 months of active real estate inventory. The average listing in American Fork Utah is priced about 14% higher than the median sold price in 2008. Many sellers will still have to come down in price if they want their homes to sell in 2009. These numbers are not official.     01/12/2009

By:  Robert A. Hulme - Realtor - Loan Officer Generally speaking the number one criterion a Mortgage lender considers when qualifying a Home Buyer for a mortgage loan is a good Credit Score.  The higher Credit Score, usually the lower the Interest Rate.  Other factors are obviously considered when determining the interest rate, but all lenders look at the Credit Score first.  That being said, it is very important to understand how you maintain or improve your Credit Score before applying for a Home Loan. There are no quick fixes for improving your credit score, but you can raise your score over time by demonstrating that you consistently manage your finances responsibly.  Listed below you will find a number of tips that you should consider when attempting to raise your credit score. •· ... 01/08/2009