These days so much of business dealings are based on your credit score. This is especially true when you are applying for a home mortgage loan. Lenders want reassurance that you will be a safe risk, that you will be responsible about repaying the loan. The current system of credit scoring gives lenders a measurement guide of your risk factor as a borrower. Before you apply, it will be very helpful for you to know what goes into your credit score and what the numbers mean. The most common type of credit score is the FICO score, based on a system by Fair Isaac and Company. This company worked with the three major credit reporting bureaus, Equifax, TransUnion, and Experian, to create today's popular method of scoring consumers credit. Here is how it works: Your past and present relationshi... 04/09/2009

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

When it comes time to purchase a new home there is nothing more important than having Good Credit.  The first thing a lender will do is review your credit report.  The credit report is a history of money you have borrowed in the past and how you have repaid those debts.  It contains a list of debts such as credit cards, car loans, and other loans.  It also contains other public records such as liens or bankruptcies.  Your credit report is constantly being updated and most of the information is deleted from you record after 7 years (10 years for bankruptcies). This credit information is then used to help generate a computer driven number that indicates your risk to lenders.  This is what is called your Credit Score. No Credit? It is very important to establish some kind of credit long be... 03/10/2009

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

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 crises can be a motivation for a seller to make a quick deal.  However, when you see a real estate ad that mentions, divorce, motivated seller, relocation, or something to that affect, beware.  Many times this kind of ad is designed to generate... 03/04/2009

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 One of the most accessible sources of comparable sales is the public record.  When someone buys a home the property is deeded from the seller to the buyer.  In most circumstances, this deed is recorded at the local county recorder's office.  They combine sales data with information already known about the property so they can assess property taxes correctly. Accessing the data can be somewhat difficult for the general public.  Realtors gain access through title insurance companies.  The title companies either compile the data directly from the co... 02/16/2009

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 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 im... 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 Many borrowers don't understand that there is a difference between the Mortgage Rate and the Annual Percentage Rate (APR).  The mortgage rate is the base rate usually associated with a mortgage.  The APR of a loan is supposed to be an overall interest rate with all the applicable closing costs factored in.  Unfortunately, not all lenders include the same costs so not all APR's are created equally.  Use the APR as a general guide to the overall cost of the loan but keep in mind that you have to look at the details of what's included to be sure. 02/06/2009

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 cycl... 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 The Home selling price is determined by taking into consideration a number of different factors.  First and probably the most important factor is the selling price of comparable homes in the homes selling area.  Other factors include the current trend in the market, the availability of homes for sale in the area and the urgency of the seller. Obviously, the lower the selling price the quicker the home will sale. Other factors to take into consideration include: •·         Average selling price per square foot of homes in the same area. •·        ... 01/29/2009

Homes sold in Highland and Alpine dropped by 15% in 2008 and the average price went down by 25%. Even with the huge decrease in average price, it is also still overpriced by 32%.  The median home price decreased by 17% and is also overpriced, but only by 17.6%.  Because the area has 17 months of active inventory, prices many continue to drop in order to sell. With increasing affordability and 253 active listings, there are many homes available for sale in Highland and Alpine UT    These numbers are not official 01/15/2009

One of the most often used marketing tricks that Listing agents use to attract home buyers is a Buyer Agent Commission (BAC) that is larger than what is generally offered.  Generally speaking most home sellers offer a commission of 6 percent to the agents that assist to sell their homes.  Half of the commission or 3 percent goes to the agent that listed the home for sale.  The other 3 percent goes to the agent who represents the buyer in the transaction.  By offering an inflated BAC, the listing agent is hoping that the agent representing the buyer will show their home before the home that only has a 3 percent commission. Home Buyers Beware Home buyers need to understand that sometimes their agent may be motivated to show them a home with a larger BAC, only because of the larger commiss... 12/24/2008

By:  Robert A. Hulme - Loan Officer - Realtor Once you have decided on a Loan Officer to represent you in obtaining a Home Loan, the first step that you need to take is the Uniform Residential Loan Application (Form 1003).  This loan application has been used for many years.  It is very complete and allows the lender to evaluate your ability to repay your home loan or mortgage. In today's Real Estate market with all the fraud that has taken place in the home buying process, the loan application has become a very important piece of information in helping determine whether fraud has taken place.  When filing out the 1003, it is very important to be as complete and accurate as possible.  When things go wrong following the purchase of a home, this is the first place that lenders go to deter... 12/22/2008

We still are having a low percent of new listings being SOLD.  Currently (11.81) % 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     12/08/2008

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 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... 12/06/2008

Real Estate Negotiating 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 it comes to time to negotiate a real estate transaction, some interesting dynamics take place. Obviously the Seller wants the most money they can get for their home. The Buyer wants the most home for the least amount of money. This is a crucial time to have a professional on your side, who knows and understands how the process works. There is not a right or a wrong way to proceed, but it does involve a lot of give and take. The party with the stronger alternative usually gets more, but a successful negotiation happens... 11/21/2008

Woah. There are a lot of expensive homes on the market in Highland that just aren't selling. It's not that people don't like Highland, the problem is that the homes that are on the market are just too expensive too buy. In the first half of 2008 there were 53 homes sold in Highland Utah. There are currently 214 active MLS listings. The average price of the homes that have sold this year was $438,142. The average price of the many listings is nearly $700,000. Even the median price of Highland Utah home listings is $598,900. We like Highland, we just can't afford to buy real estate thats priced where its at. 07/16/2008

Highland City is located in one of the most beautiful counties in Utah.  Located in Northern Utah county and bordered by Lehi, Pleasant Grove, Alpine, and American Fork City.  Highland City is a fantastic community to raise a family.  Within minutes of I-15, your within a half hour of downtown Salt Lake City, and 20 minutes from Orem/Provo.  You can read up on Highland your self at their main website, HIGHLAND CITY Highland was known for its rapid growth rate and high end homes.  There is also a good mix of high and medium income level home owners.  The full demographic breakdown and other details can be seen through the following link. Highland City Demographics Real Estate values along the Wasatch Front have been soaring in 2006 and 2007.see Foreclosures plummet in red hot market ,  ... 01/24/2007