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FHA vs. Conventional… Which is better and what are the differences?
There has been a lot of attention given and misinformation spread about FHA financing. I’ve found very few people really understand the differences between FHA and Conventional Mortgage Insurance, so I’ll do my best to explain.
Why Are Mortgage Rates Going Up?
This year we are seeing rates rise off their all-time lows of around 3.25% and approaching 3.75% (30 year fixed) for a couple of reasons, each of which have the potential to send rates higher before the end of the year. Here are the risks to low interest rates as I see them.
Kids, Home Prices and Stock Markets all Soaring…
This month I thought I’d share a picture I bought from the local Salt Lake City Paparazzi. As you can see, Aria and Z-Man were trying to escape being photographed via cool shades and “blankeys”, but as Britney Spears knows all too well, the Paparazzi always gets their shot…
Home prices are rising, up over 25% since the bottom in 2009 & the S&P 500 (the largest 500 companies on the stock market) is near all-time highs. I’ve included a couple graphics that communicate what’s going on in our global real estate and stock markets today.
Steady Progress Towards Recovery
This month the family has just returned from two awesome weeks in Huntington Beach, CA. Zander and Aria had an amazing trip and enjoyed the extra love and attention they received as well as the warm weather.
Speaking of time well spent… Have you seen what’s happening to home prices over the last 12 months? The graphic below is from S&P,Case-Shiller index, which was just released for October and shows that nationally home prices have just posted their biggest annual jump in two years. What I think is even more telling than one month’s reading, is the trend line, this graphic is pretty powerful showing we’ve definitely started turning the corner nationally for home values.
Ready for Rent Explosion?
Is now a good time to rent? I think not. You can buy a home today at a discounted price and get a 30 year mortgage at a historically low interest rate. You can set your housing expense for the next thirty years. On the other hand, rental costs are poised to increase for years to come.
Learn Unknown Financing Strategies for Physicians
I’ve learned a few things about financing Medical Professionals. First of all, they have unique financial and contractual situations that require specialized mortgage underwriting and understanding of their situations. I’ve found that not all Underwriters look at this the same and what might not be allowed with one bank is allowed with another. I’ve spent the last few years putting together the most comprehensive list of Physician home loan products in Utah to cater to the specific mortgage needs of MDs and DDSs.
What Factors Determine The Interest Rate I’ll Be Offered On My Loan?
If you’ve decided to buy a home or refinance your mortgage, you may be puzzled by the different interest rates you’ve seen advertised for home loans. You’re not alone: Many home buyers and homeowners are confused when they discover they don’t qualify for these rock-bottom interest rates. The reality is that the interest rate you’ll pay on a loan is determined largely by your own personal situation.
Nine Credit Magic Tricks
Here are some simple tips to maximize your credit scores!!
Why Now Is A Great Time To Buy
I just read an informative report on why NOW is a great time to buy a home. I’ve never seen anything more comprehensive or convincing.
Here's What You Can Expect When You Make Us Your Mortgage Lender!
We’re fast, friendly and accurate. When you’re in the kicking the tires stage of a mortgage it’s hard to know exactly what you are going to get or what the process is going to look and feel like. We get it!
Here’s what you can expect when working us and EXACTLY what you can expect when you become a client!
Why Mortgage Pre-approval Is NOT Enough…
Here’s the inside scoop: the old style of pre-approvals, which was at best a 5 minute phone call, a quick look at credit and maybe gathering a W-2 and a pay-stub…Is NOT enough!
If you want an UNEVENTFUL loan and closing on your new home, we suggest clients complete a full Credit and Income Approval.
Physician’s Top 5 Home Loan Questions Answered
Josh answers the top 5 questions Physicians ask about home loans.
4 Compelling Financial Reasons to Buy Now
As Dean Hartman said last week, the purchase of a home is a personal decision. However, we want to give everyone four great financial reasons why you should not wait before taking the plunge into homeownership.
Building or Buying a New Home?
If you are thinking of buying or building a brand spanking new home, you’re in luck because this article was created for you! In fact, many of my clients have determined the market has become pretty well picked over and the majority of what’s left is either over-priced or junk. Recently I’ve been fielding a lot of questions about buying brand new construction or building a new home, so I’ve decided to help you by outlining the process.
You Can Trade Your Old Home For A NEW Home!
In a nutshell, you’ll receive an offer with a guaranteed purchase price for your current home. This gives you clear directions and takes a lot of the risk out of starting construction on a new home.
If Prices Are Falling, Why Are the Rich Buying?
There is an interesting phenomenon taking place in the real estate market. While house prices are falling, the rich are starting to purchase.
Home Sales Increase Across the Country
The National Association of Realtors recently released their 2011 3rd Quarter Housing Report. In the report, they showed that combined sales of single family homes, condos and co-ops increased in EVERY state as compared to the 3rd quarter of last year.
For Buyers:The Financial Opportunity of a Lifetime?
We often point out that a buyer should be more concerned about the COST of a home rather than the PRICE. Price obviously is a component of cost. However, unless you buy all-cash, you must also be concerned about the financing of the purchase. The price and the financing together determine the cost of a home. Today, we want to look at only the financing piece.
The Cost of Waiting for Prices to Fall
Many purchasers have been sitting on the sidelines waiting for home prices to hit bottom. They want to guarantee that they are purchasing at the best possible price. The buyer should not be concerned about housing prices, they should be concerned about cost.
10 Reasons People Decide to Buy a Home
Renting is a very frustrating way of life. The money you pay every month disappears, leaving you with few benefits other than a roof over your head. Compared to owning a home, renting is a futile exercise that leaves you with nothing after your lease is up. It’s no surprise that people want to get out of the rent race, and here are 10 reasons why people decide to buy a home versus renting.
Today You Need EXCELLENT Not Good Credit!
Last year Fannie Mae and Freddie Mac introduced new Loan Level Pricing Adjustments, which increase the borrowing costs for higher risk borrowers.
Buy or Rent? Play Chess, Not Checkers
Looking at the financial aspects of Renting versus Buying a home in today's market.
5 Reasons Why You Should Buy a Home Today
This might be the best time to buy a home in American real estate history...why?
Five Most Frequent Mistakes of the Newly Divorced
What Are The Top Five Mistakes You Should Avoid If You Are Newly Divorced?
Escrow Scheduling
The fiscal responsibility of a homeowner -- in Salt Lake and everywhere else -- extends beyond the mortgage's basic principal and interest repayments.
The Top 7 Reasons to Consider an FHA Mortgage
When exploring your options for financing today, I believe everyone should at least consider an FHA Mortgage. Today, I want to tell you why:
5 Most Common Dumb Mistakes When Buying A Home
Hopefully, these tips will help you make informed decisions as you go through the mortgage process! Take some time to check them out so you do not make these mistakes!!
Dave Ramsey - Financial Guru
" When getting help with money, whether it is insurance, real estate or investments you should always look for someone with the heart of a teacher, not the heart of a salesman."
Utah Home Buyers Still Have Opportunities to Purchase a Home With No Money Out of Pocket
Many would be home buyers have mistakenly given up on the American dream of home ownership. DON’T DO IT, THERE ARE OPTIONS FOR YOU!
Deciding on a Mortgage Lender?
A must read for anyone shopping for a loan!
Unintended Consequences of Government Intervention (Our Biggest Risk to Economic Recovery)
Challenges occur when government regulations meet the lending and real estate marketplace.
On the Verge of Recovery?
What would a recovery in the local real estate and housing market look like?
What to Expect After the Mortgage Meltdown
The mortgage process has become infinitely more complicated, regulated and difficult since the meltdown. There are fewer loan options, more regulations, much tougher appraisal rules and strict underwriting guidelines that seem to change daily. HERE'S WHAT YOU NEED TO KNOW.
What the Rich are Teaching Their Children
You are smack dab in the middle of the best wealth building opportunity in your entire life. EVEN AVERAGE AMERICANS CAN CREATE WHAT WILL BE MILLIONS AND MILLIONS OF DOLLARS. And guess what, the rich are taking advantage in a big way. Are you?
What's Working Now
10 Battle-Tested Tips to Help Landlords and Investors Survive & Thrive through the Recession
4 Tips To Present a Stronger Mortgage Application
As underwriting guidelines for lenders become more stringent, it becomes clearer what a good mortgage application looks like.
Under Water and Paid As Agreed…
What are the consequences of teaching our children, friends and family that our word has no meaning? And what about when the going gets tough; is it ok to walk out on our obligations and look for greener pastures?
I recently returned from a mortgage convention where the topic of Strategic Default came up.
Living the Dream and Outthinking the Average Investor
Is it possible to increase our daily enjoyment, make an insanely well timed investment against inflation and outthink the majority of investors all at the same time? Buying a beautiful new home in the currently depressed and low interest rate market could deliver just that.
Our Partnership With Intermountain Health Care (IHC) and SelectHealth
Utah Physician Home Loans has partnered with Intermountain Health Care (IHC) and SelectHealth to offer employees (not just Physicians) an exclusive discount program. This program is offered to any current IHC or SelectHealth employee and is good for half off the standard 1% origination fee.
The Greatest Opportunity Ever Is Just About to Pass You By
You are foolish if you don't do everything you can to take advantage of this.
It is probably the greatest opportunity for you for the next 10 years.
And it is here now.
Time's "a-wasting" actually… You're about to miss the best moment, if you don't get on it, right now. The "V" bottom (as I call it) – where you can get the very best prices – is passing you by as I type.
I can't know this for certain, of course… But I'm more convinced of what I'm saying here than I have been about any other investment in my two decades of studying investments.
My friend, the time has come. It is time for you to buy a house, preferably a primary residence.
No excuses. No delays. Just figure out how to make it work.
Already have a house? Go get another, and rent out the one you're in.
1st Annual Client Appreciation Party In The Park
Party In The Park
Citywide's 1st Annual Client Appreciation Party in the Park
We would love to see you on Saturday, June 16 from noon until 4 pm for our 1st Annual Client Appreciation at Sugarhouse Park.
Come joins us for this family event!
We'll have a free iPad giveaway for 16 and under, facepainting, bouncy house, inflatable slide, photo booth and delicious barbecue. We hope to see you there!
Unique Opportunities For A+ Borrowers On Loans Over $300,000
We believe in flexibility, that one size does NOT fit all.