Home buying can be both an exciting and stressful time for people. You can help eliminate some the stress by knowing what funds will be required of you. There are several expenses to save for when you are considering buying a home. These include the down payment, the closing costs and the reserve funds. Down Payment The largest cost associated with a home purchase is usually the down payment. In former days, borrowers were required to pay 20% down to get into a home. The down payment gives lenders more security that borrowers will be able to afford the mortgage. With rapidly rising home prices though, lenders have created several flexible loans for those with less than 20% for a down payment. You can even find programs today that require no down payment. Of course, you can never get som... 03/29/2009

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

Some people are very successful at selling their home "by owner".  They have knowledge of key marketing strategies, how to best show their home, and they possess a good understanding of contracts.  They are versed in negotiation tactics, but most of all, they are aware of the current market in their area and have priced their home appropriately.  They realize the majority of homes on the market today are sold through an agency and they are aware that potential buyers might expect them to sell for less that market value because they will not be paying an agency commission.  On the other hand, listing your home with a Realtor means that upon the sale, you pay a commission to the agencies involved out of your proceeds.  This commission is negotiable.  The advantages, however, might just be... 03/21/2009

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

Many things should be considered when you are attempting to determine the offer price on a home.  Home improvements are one area that could make a big difference.  Even when comparing an exact model within a tract of homes, you should take a look at what improvements were made by the previous owner.  Cosmetic changes really don't come into play but major changes should be taken into account.  Most important would be room additions, especially bedrooms and bathrooms. Remember to always consult with your Realtor to help determine how much home improvements affect the price you should offer. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Homes For Sale Provo Real Estate WS Orem Real Estate WS Utah Homes... 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 looking for homes for my buyer clients, I have found that the Seller's Motivation can have a dramatic affect on the price of the home.  The most common "Motivated Seller" is someone who has already bought his or her next home or is relocating to a new area.  They will be under the gun to sell the home quickly or face the prospect of making two mortgage payments at the same time.  Since that can drain a bank quickly, most sellers want to avoid such a situation and may be willing to give up thousands of dollars to avoid the possibility. Family... 02/17/2009

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 ... 02/04/2009

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 Many factors come into play when you attempting to figure out how much you can afford in a new home.  In addition to your monthly mortgage payment, there are closing costs, moving expenses, plus purchases and maintenance for the new home.  The rule of thumb is generally considered, your gross income multiplied by 2.5, will give you an approximate amount for the price of home you can afford.  The amount will vary depending on how much you have as a down payment, your debts, financial situation, and credit history and rating.  Your debts, including... 01/27/2009

Homes sold in Eagle Mountain dropped by 21.6%, but the median sold price still somehow increased by over 1% from $205,200 to $208,731. On the other hand, average sold price decreased by 1% from $218,408 to $215,613. There are plenty of homes for sale in Eagle Mountain UT to satisfy any homebuyer's needs. About 13 months of inventory is for sale currenty in Eagle Mountain.  These numbers are not official 01/15/2009

This short sale is finally coming down to the wire, I've only been working on it since September (yes I said only) After more offers than I can count, I believe we are set to close the last week in January.  This short sale has been with Chase and I have to admit they have been pretty good to deal with.  They called me, YES I said it right they actually CALLED ME and let me know who my negotiator was, I've been re assigned to three negotiators so that has delayed somewhat but they all three called back within a day or two and were decent to work with.  Overall I would welcome a short sale with Chase again.  I can't say that for other banks.....  The only hard part was they came with a two week closing date and I couldnt' get the negotiator to budge more than one more week.  But I wasn't... 01/15/2009

By:  Robert A. Hulme - Realtor - Loan Officer The Internet is beginning to play a major role in our daily lives.  Most people are having a hard time doing anything without first going the Internet.  I am finding that most Real Estate Home Buyers begin their home search on the Internet, in fact most generally don't contact a Realtor until they are far along in their Home search.  With this being the case it has become more apparent each day, the importance of having Real Estate Websites that help the Home Buyer effectively, providing them with relevant information that is easy to access and very informative. I have tried to listen to my Home Buyers.  There are a number of things that my clients have told me are important to them: •·         Having an effective and informative MLS Search ... 01/13/2009

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 .65% 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 free ... 01/07/2009

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 is the proper time for the Seller to vacate their property after closing?  This question comes up quite often during the process of the Real Estate transaction.  Just when the proper time is, depends solely on the wording within the Real Estate Purchase Contract.  Unless the property is vacant, generally speaking the seller has until after recording with the county.  Most important is how much was indicated within the REPC.  Usually it takes about a month to close a smooth transaction on a purchase.  If the transaction turns out to be a nigh... 01/06/2009

As a Realtor who is 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... 12/15/2008

We still are having a low percent of new listings being SOLD.  Currently (1.80) % 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.   11/30/2008

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 You have just finished the long home buying process and plan on moving to your new home the same week you leave your old home.  This can be a very stressful time unless you plan the move very carefully.  I have put together a list of things that you should consider when making a move. Moving Supplies Everyone knows that when moving a good supply of boxes is very important.  You will also need other supplies such as tape to seal the boxes, markers to label them and paper or bubble wrap to protect glass or fragile items.  You can pick up the boxes ... 11/24/2008

It looks like the boom of Eagle Mountain has ended, or atleast paused for the time. Growth in one of Utah's fastest growing cities has slowed down a bit as 2008 home sales are way down. In the first half of the year only about 190 homes were sold in Eagle Mountain. These homes had a moderate median price of $210,000 and an average price at $223,338. Currently there are more than 500 homes for sale in Eagle Mountain. These homes have been on the market for an average of 95 days. The active MLS listings have an average price at $252,751 and a median price of $225,000. At the Q2 sales pace of 32 homes sold per month, Eagle Mountain has 15.7 months of real estate inventory.  07/16/2008