Before you make any big financial life changes, it is a good idea to have your credit report in order.  Your credit score can affect everything from the interest rate you get on a home loan or an auto loan to whether or not you are hired for a job.  If find your current credit score lacking in points, now is the time to put the following five credit tips into action to improve your financial success.  Plus consistently living by these tips will help you develop better credit responsibility and habits. 1. Know Your Credit Report First things first do you even know what your credit report looks like?  Do you know what your credit score is right now?  A majority of Americans don't.  You can get a free copy of your credit report once a year from each of the three major credit reporting bure... 03/31/2009

The Federal Housing Administration (FHA) is a government corporation that was created back in 1934 to help stabilize the housing market during the Great Depression. The goal was to set a standard for housing conditions and to create a financing system that would help buyers by insuring loans for them. Today FHA programs provide an affordable way for lower-income buyers to get into homes. This agency has helped to raise the number of homeowners in the nation. In fact, homeowners make up 67% of the nation's population today, a record high by historical measures.   There are now loans known as FHA loans. If you meet certain requirements, you can receive one of these loans that will allow lenders to overlook your income potential or bad credit. FHA borrowers can have higher debt-to-income r... 03/26/2009

Showing your home is probably the most important part of the selling process.  Consider the following carefully as you prepare your home for viewing. •·         First impressions mean a lot and often prospective buyers make a decision almost immediately. •·         Curb appeal is important since many buyers search by themselves and then call their Realtor about property they have only seen from the street. •·         Fresh paint on your house's exterior and interior is one of the easiest and best improvements you can make to enhance that first impression. It makes your house look bright and clean. If you paint, use whites, creams, or neutral colors on the interior and exterior colors that will blend with the neighborhood. If you don't paint everything, at least paint the places that nee... 03/17/2009

Utah County Bank Owned Properties                 Utah County Short Sale Properties The time to consider a Short Sale is when your Mortgage is considered to be in default, one or more payments have been missed.  There are a number of solutions available to remedy the situation: •·         Short Sale/Payoff •·         Forbearance agreement •·         Loan Modification •·         Deed in Lieu of Foreclosure A Short Sale occurs when a borrower sells their property for an amount that is less than the amount owed to the lender.  To qualify for assistance the borrower needs to prove that they are experiencing a substantial financial hardship.  A hardship is a situation that has life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or lon... 03/16/2009

Closing on a property is a very challenging time for a would-be homeowner.  Being informed, either through your mortgage broker, Realtor, or through self knowledge is the best thing you can be when going through this procedure.  A good Realtor can help you tremendously.  They should know the local market well enough to help you save money in whatever way they can.  Since closing costs are handled differently in different areas, having a professional with experience in that area is your best bet.  They can give you a better idea of what costs are customarily paid by the buyer, and which ones are paid by the seller. The Mortgage Broker you deal with can make a big difference as well.  Have them show you several programs suited to your needs.  There are lots of ways to structure closing co... 03/14/2009

Private Mortgage Insurance is used by Home Loan Buyers to insure the lender against default if the borrower has less than 20 percent down.  Private Mortgage Insurance can be a very costly insurance premium that is necessary as part of loan qualifications set by Fannie Mae and most secondary market investors.  With the right loan, it doesn't have to be an obstacle.  How much does Private Mortgage Insurance Cost? PMI increases your monthly payment and could be tax deductible.  PMI varies, but can be estimated by taking about one-half percent of the total loan amount.  With a home selling for $300,000 and 10 percent down or $30,000, the annual cost of PMI on your $270,000 loan would be approximately $1,350 annually or an extra $112.50 monthly on your home payment.  PMI will go away once yo... 03/12/2009

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... 03/06/2009

Owning your own home usually comes along with some nice amenities, you will most likely have a lot more space than if you rent.  Even moving from an apartment to a condominium you will probably have must more room available, your own laundry and storage area and bigger rooms.  Apartment complexes are interested in creating the maximum number of income producing units than they are in creating space for each of the tenants. Now is the time for First Time Homebuyers to look into homeownership.  The programs available have never been greater and you might find that the extra space just might come in handy. 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 Estat... 03/02/2009

There are certainly some advantages and disadvantages to renting versus owning your own home.  When you rent, you are normally limited on what you can do to improve your home.  You have to get permission to make changes or improvement to the home.  It really doesn't make sense to paint, put in new carpet, tile or window coverings when the main person who benefits is the landlord.  The landlord wants to keep expenses to a minimum and will probably not be spending much to improve the property as well.  When you own the home you do pretty much whatever you want to.  You get the benefit of any improvements you make.  You can really make your home a home. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Hom... 02/28/2009

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 The final step in the purchase process prior to closing is the Final Walk through Inspection.  Every home buyer should revisit the property to ensure it is in the condition you required in your offer, and to inspect that any required repairs have been performed.  Final inspection should be no sooner than five days before you intend to close.  Make sure this right to do a final inspection is included in your offer to purchase. 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, Mortgage Xpress Buying a home is a very good investment. As a general rule, homes appreciate about five percent a year.  Some years will be more, some less.  The figure will vary from neighborhood to neighborhood, and region to region.  Five percent may not seem like that much at first.  Stocks, at times, appreciate much more, and you could earn over six percent with the safest investment of all, treasury bonds. Presumably, if you bought a $200,000 house, you did not pay cash for the home.  You got a mortgage, too.  Suppose you put as much as twenty percent down - that would be an investment of $40,000.  At an appreciation rate of 5% an... 02/12/2009

By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills Showing your home is probably the most important part of the selling process.  Consider the following carefully as you prepare your home for viewing. •·         First impressions mean a lot and often prospective buyers make a decision almost immediately. •·         Curb appeal is important since many buyers search by themselves and then call their Realtor about property they have only seen from the street. •·         Fresh paint on your house's exterior and interior is one of the easiest and best improvements you can make to enhance that first impression. It makes your house look bright and clean. If you paint, use whites, creams, or neu... 02/09/2009

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 Closing on a property is a very challenging time for a would-be homeowner.  Being informed, either through your mortgage broker, Realtor, or through self knowledge is the best thing you can be when going through this procedure.  A good Realtor can help you tremendously.  They should know the local market well enough to help you save money in whatever way they can.  Since closing costs are handled differently in different areas, having a professional with experience in that area is your best bet.  They can give you a better idea of what costs are ... 02/08/2009

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.     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 ... 02/05/2009

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 While some people choose the flexibility of renting and being free of maintenance, many others choose ownership for other reasons.  The pride of being a homeowner is a very important reason for purchasing a home, but more people are interested in homeownership for purely economic reasons. Building Equity One of the main economic reasons is that of building equity.  Especially in today's market, with home values being deflated as they are, many buyers can pick up a home at a very reasonable price.  With interest rates being at all-time lows, you c... 01/26/2009

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   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... 01/20/2009

Orem saw home sales decline by just under 19%. When compared with other cities in Utah County, Orem saw one of the lowest decreases. The median price of houses sold dropped by only 5% in 2008 from $207,936 to $197,000. There is currently 8.2 months of inventory and 425 homes for sale in Orem UT. Houses are continuing to sell even though they are currently overpriced by 27% on average when compared with the numbers from 2008.   These numbers are not official. 01/17/2009

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 There are a number of factors that a Home Seller needs to consider when pricing their home for sale.  Factors Which Do Not Influence Value •·         You need more equity than you have •·         You may have invested in Repairs and Improvements •·         Prices of homes where you are moving •·         Refinance Appraisal Dangers of Overpricing •·         Miss the Window of Opportunity •·         Perception of being stale •·         Takes longer to sell •·         Ultimately sells for less •·         House never sells Any or all of these factors... 01/16/2009

By:  Robert A. Hulme - Loan Officer - Realtor The FHA (Federal Housing Authority) doesn't actually fund your home loan in any way.  The FHA simply provides mortgage insurance to help consumers become Home Owners.  The FHA actually insures the lender from losses resulting from Home Owner default.  The FHA helps mortgage lenders prepare loans for people who might not otherwise qualify. One of the big advantages of an FHA Loan is that a smaller down payment is possible.  As of January 1, 2009, the down payment for a FHA Loan is 3 ½ percent of the principle loan amount.  In today's market the down payment on conventional loans can be as much as 20 percent.  FHA loans make it possible for many people to enter the Home Buyer market, just with the lower down payment alone.  There are many othe... 01/12/2009

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 (13.70)% 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 f... 01/07/2009