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

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.  On a year over year, YTD comparison currently (9.83)% of new listings are being sold.         SUMMARY  Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom.  This is NOT a good time for conservative buyers to purchase.  High risk tolerant investors and speculators are doing some bottom fishing. For more details or just to chat about market conditions please feel fr... 01/06/2009

By:  Robert A. Hulme - Realtor - Loan Officer When it comes time to purchase a new home, the question always comes up, should I sell my old home before I buy the new one?  Depending on your credit situation and your ability to qualify for two loans, this question could be easily resolved.  We will assume you have excellent credit and can do whatever you please.  It is always better to have your present home sold before you make an offer on the new home.  If you have an offer with a contingency of selling the old home, the seller will be less likely to accept the offer or allow better terms.  You will always be in a better bargaining position if you were able to move in without delay.  Credit terms on you new loan will also be better based on you living in the new home as your primary re... 01/05/2009

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 With the real estate market going through all the changes it is presently going through, many new questions start to come up.  Should I buy a new home?  Should I re-finance my present home?  Should I rent out my present home and Upgrade to a new home?   The scenario I see quite often these days is the later.  Many of my home buyers are looking into renting their present home due to the high demand that there is for rentals.  Once they find a good qualified renter, the next step is to take advantage of the great deals available on new homes and th... 12/18/2008

Robert A. Hulme - Realtor - Loan Officer The Real Estate Appraisal is an important part of your home buying transaction.  The appraisal helps to establish what the property's market value actual is, in fact it would likely be the main tool in helping the seller establish the proper selling price. Lenders require an appraisal when the home is offered as security for a loan; they want to make sure that the property will sell for at least the amount of money it is lending.  Real estate agents often use a comparative market analysis (CMA), with an appraisal to help their home seller determine a realistic asking price for their home.  Many times, experienced real estate agents will come very close to an appraisal, but usually the appraisal is very detailed and is the only valuation lenders w... 12/16/2008

We still are having a low percent of new listings being SOLD.  Currently (9.93) % on a year over year, YTD comparison and we need positive % of listings sold, with positive price action to confirm market bottom. Please see data below.                                                                                  PRICE ACTION   Other good signs in addition to positive price action is lower DOM (days of the market) and lower new listings           SUMMARY  Currently we are not seeing the needed positive price action to confirm a market bottom. This is NOT a good time for conservative buyers to purchase.  High risk tolerant investors and speculators are doing some bottom fishing. For more details or just to chat about market conditions please feel free to contact me.   12/05/2008

Utah County Housing Market: An Overview 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 The housing market in Utah County is going through a transitional stage due to all the foreclosures, short sales, bank owned homes and general declining home values. This is a great time for individuals to buy homes, but a very hard time for those looking to sell homes for more than they bought them for. This is a hard time to get a loan as well since the economy is doing poorly and banks have been hit hard by those who have not been able to keep to the contract of their mortgage. Many people are having a h... 11/16/2008

Who pays for Closing Costs? 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 There have been times in the past that I have had clients come to closing not understanding what kind of money they would be required to pay. There are various fees associated with buying and selling a home.  These fees are called closing costs.  Some of these fees are automatically assigned to either the buyer or the seller, other costs are either negotiable or are dictated by local area custom. Buyer Closing Costs When the buyer applies for a home loan, loan officers are required to provide the borrower with a good f... 11/13/2008

Would you belive that the real estate market in American Fork isn't very healthy? Like most of Utah County, there is a huge oversupply of homes for sale in American Fork. While home sales are down, inventory continues to increase. There is also a huge gap between the average list price and the average sold price. In the first half of the year there were about 100 homes sold in AF. The median sold price of these homes was $207,950. In contrast the median price of the 266 active American Fork listings is nearly $270,000. What's the solution? If you really need to sell your house now, drop the price. Your house must be more affordable than the competition otherwise it won't sell. If you don't really need to sell it consider a lease option, or take it off the market altogether. Until demand... 07/16/2008