3 things you may not know about me: I'm pre-pregnant, pre-dead, and a pre-billionaire. Now I don't have an English degree (oh, wait a second, yes I do), but the prefix  "pre" means "before." And that's just what a pre-approval is. A "before approval." Well, congratulations, you're in good company--all those folks who have yet to be approved to purchase a home. At best, a pre-approval is the opinion of a super good loan guy that you'll be able to get that mortgage loan. At worst, it's the opinion of a really lousy loan guy. Instead of singing "Ain't Got Nothing If You Ain't Got Love," Michael Bolton should have been screaming at the top of his lungs, "You Ain't Got Nothing If You Ain't Got Underwriter's Blessing." Simply put, the solution is to get approved-for real. The word "approved" ... 10/07/2009

Utah County Homes for Sale - Getting Pre-Approved Buying your first Utah County Home?  , maybe your second, well this can be a wonderful experience for you or this could be a disaster.  It all depends on how prepared you are when the process starts.  Your first step is getting Pre-Approved by a Utah County Loan Officer. Financing a home can be a difficult process for you, especially finding the right loan.  What you need to be concerned about is not getting the financing, but getting the right financing.  You will want to find the best terms at the lowest cost.  You will want to meet with a Utah County loan officer to review your financing options; you will need to meet with a lender who can explain all of the different types of loans that you will be able to afford as well as the progr... 09/18/2009

Utah County Real Estate Websites and the Internet The Internet is beginning to play a major role in our daily lives.  Most Utah County Real Estate Home Buyers are having a hard time doing anything without first going the Internet.  I am finding that most Utah County Real Estate Home Buyers begin their home search on the Internet, in fact most generally don't contact a Utah County Realtor until they are far along in their Utah County 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 Utah County Home Buyers.  There are a number of things that my clients have told me ... 08/30/2009

Utah County Buyer and Seller Closing Costs 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 faith estimate of their closing costs.  These fees will vary depending on the type of loan and the terms of the purchase agreement.  Some of the closing costs, especially those dealing with the loan application, are actually paid i... 07/28/2009

Orem went from selling 119 homes to 123 homes, increasing 3.36%.  Median sales price of Orem Real Estate declined 12.91% and average sales price decreased 14.72%.  Even though there were decreases, they weren't as large as in '07-'08. There are currently 9 months of inventory and around 380 houses in Orem for sale.  07/08/2009

FHA and VA Loans require special appraisal inspections.  These inspections are a little more detailed than inspections required on a Conventional loan.  The appraisers are required to perform certain minimum inspections as well as evaluate the market value of the property.  These  inspections are not as detailed as a professional home inspection and should not be considered a  substitute, sometimes repairs are required. These are additional costs the seller would not be obligated to pay for someone obtaining conventional financing, so your offer should include a maximum figure for these repairs.  Otherwise the seller is signing the equivalent of a blank check, and they do not want to do that. At the same time, whatever figure you put in will most likely affect the seller's willingness t... 06/08/2009

As a home buyer, it only makes sense to try and get the lowest rate possible when obtaining a Home Loan.  After all, the rate is the primary factor in determining your house payment.  But how do you get a low rate when applying for a home loan?  This is the primary question that most home buyers want to know.  I would like to explain some important ideas that you need to keep in mind. Credit Score One of the primary factors in helping to determine your interest rate is your credit score and financial history.  In other words the best interest rates are usually reserved for those with the highest credit score.  So if you credit score is not very high the chance of getting a lower interest rate is not very good.  It is very important,  that,  prior to applying  for a home loan, you pay al... 06/04/2009

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.    SUMMARY Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom.  This is NOT a good time for those with low and/or no risk tolerance to purchase.  High and medium risk tolerant investors are making buying decisions and are doing some bottom fishing.  Some are trying to time the market and market timing is risky.  Trying to time the bottom is not for the inexperien... 05/28/2009

The largest personal finance transaction a person makes in his/her life is purchasing a Home.  It is crucial that you make the right preparations and do the proper research.  Regardless of the unique situations and special circumstances, there are a dozen things that you should do. Understand the Home Buying process Study the home buying process, this will allow you to make better decisions and act confidently.  The home buying vocabulary is an important part of this; make sure you understand all the terminology that is used. Obtain your Credit Report Get a copy of your credit report and review it for errors.  Mortgage lenders will be reviewing your credit very closely; you should do the same, before they do. Fix Credit Errors It is important that you find any errors that you have on yo... 05/23/2009

There are a number of things to consider when choosing the right home and everyone's priority is different.  Where should it be located; neighborhood preference; single or multi-level, number of bedrooms and baths; square footage: yard size; features: quality of school; age of home; interior or exterior appeal; and most of all, price, because if it's out of your budget, it can't be considered. Make a List Make a priority list of things important to you.  Start with the most important, things you have to have.  Then work down the list, putting them in order of most important.  After you are done, go up to the top and move down until you get to a place where you can draw a line.  Above the line should be all of the items you have to have, and below the line should be all of the things tha... 05/20/2009

First-Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more.  Some home loan guidelines are longer than that.  There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers.  First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them. Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor U... 05/12/2009

When you apply for a home loan, in most cases you will have to provide documentation of several aspects of your financial situation. The more documentation you have of good credit and financial assets, the better your loan and interest rate will be. This is because the lender's risk is smaller when you provide more documentation or proof that you'll be able to afford your mortgage. There are several options however. They range from full-documentation loans to the no-doc loans that require little verifiable information below are some descriptions of the options and the type of borrower that best fits the documentation requirements. No-Documentation Loans does not require income or asset documentation. It is for borrowers that do not have current incomes, assets, jobs, or businesses or do... 05/07/2009

Buying a home can be a very exciting process. Yet it can also be very frustrating if your mortgage loan application is denied, especially if you are denied right before the loan was supposed to close. To avoid that annoying scenario, you should understand the reasons why a loan application might be denied, and then do everything you can to make sure your application will not face any of those risks. One of the most common reasons that a mortgage application is denied is because of a second-rate property appraisal. Lenders want to be sure that the amount of money being loaned is truly an accurate reflection of the value of the home you are buying. If the appraisal was inflated, the truth is that you are being asked to pay too much for the home. While that is a bad situation for you as th... 05/04/2009

Your credit report and score are an essential part of financial life today. Your credit history can determine everything from which jobs you are offered to being able to qualify for an apartment, how much of a car loan you can get to how good of a rate you can get on a mortgage. But what do you do if you don't have much of a credit history? Well, there is no time like the present to start building one. The following are five steps that can help you build up a respectable credit report. Examine Your Current Credit ReportStart by obtaining a copy of your current credit report from one of the major credit reporting bureaus TransUnion, Equifax, or Experian. You are eligible for a free copy once each year, although you will have to pay a small fee to obtain your actual credit score. What yo... 05/02/2009

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

Sellers of Orem homes were fortunate to have the median sold price increase 6.26% and the average sold price increase 5.47%.  Number of homes in Orem sold decreased by one quarter and with 517 active listings, there are 17 months of inventory.  04/23/2009

With all of the turmoil in the subprime mortgage market, many people with poor credit that would have qualified for a home loan a year ago are no longer being considered for mortgage funding. As more and more bad-credit homeowners file for foreclosure, lenders are taking fewer risks on those with less-than-perfect credit. If you fall into this category, and you are hoping to buy a home soon, you may need to first concentrate on improving your credit score before you will be approved. First you need to understand what a credit score is. It is a number generally between 300 and 800 and is a composite of several different factors, including your history of on-time or late payments, the number of credit accounts you have and the balances on those accounts, and the length of time you have ha... 04/23/2009

Most regions around the country are experiencing a housing market slump at the present time. Existing home sales have generally been falling since the beginning of the year and median home prices have also been dropping compared with their year-ago numbers. Property value appreciation has been slow in most markets of the nation and some areas have even experienced stagnated prices or devaluation of properties. On top of that, foreclosure rates have been rising among subprime or poor credit homeowners, meaning that the inventory of homes on the market keeps rising. This might seem like a scary time to jump into the housing market. Yet if you are a first-time home buyer, you may find this a good time to score a great deal as sellers compete ferociously for your business. First-timers have... 04/20/2009

Buying a home can be a dream come true for many Americans. Holding on to that house can sometimes turn into a nightmare though. Things like unexpected medical bills or other financial crises can deplete the funds you would have put toward a mortgage. Or maybe you have gotten yourself over your head in debt and are being pressed on all sides to fulfill your obligations. You may also have trouble making your mortgage payments if you started out in an adjustable rate mortgage and your monthly payment has reset and jumped way up. Whatever the reason, missing mortgage payments is a serious matter; it could land you in foreclosure. Foreclosure is the event that takes place when you cannot pay your mortgage. The lender has the legal right to repossess your house and sell it to settle your loan... 04/19/2009

Fixing Your Credit With all of the turmoil in the subprime mortgage market, many people with poor credit that would have qualified for a home loan a year ago are no longer being considered for mortgage funding. As more and more bad-credit homeowners file for foreclosure, lenders are taking fewer risks on those with less-than-perfect credit. If you fall into this category, and you are hoping to buy a home soon, you may need to first concentrate on improving your credit score before you will be approved. First you need to understand what a credit score is. It is a number generally between 300 and 800 and is a composite of several different factors, including your history of on-time or late payments, the number of credit accounts you have and the balances on those accounts, and the length... 04/06/2009