Orem, UT

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 to negotiate on price. If you put $100 as an estimate, the seller may be $100 less negotiable on their price. If no repairs are required, you may have been able to get the house for $100 less than what you and the seller agreed on as the price. The solution is to add a clause to your offer that goes something like this. "If required repairs cost less than the maximum amount allowed, the excess will be credited toward buyer closing costs."

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 4 Sale Alpine Real Estate American Fork Real Estate Cedar Hills Real Estate Highland Real Estate Lehi Real Estate Pleasant Grove Real Estate Utah County Home Values Utah County Realtor Utah County Realtors Provo Realtor Provo Utah Real Estate Eagle Mountain Real Estate Mapleton Real Estate Payson Real Estate Saratoga Springs Real Estate Spanish Fork Real Estate Springville Real Estate, Orem Real Estate, Provo Real Estate, American Fork Real Estate, Lehi Real Estate, Lindon Real Estate, Pleasant Grove Real Estate, Highland Real Estate, Alpine Real Estate, Eagle Mountain Real Estate, Saratoga Springs Real Estate Springville Real Estate, Mapleton Real Estate, Spanish Fork Real Estate, Cedar Hills Real Estate , Utah County Real Estate , Utah County Real Estate, Utah County Real Estate MLS, Utah County Homes MLS, Prudential Utah Real Estate, Loans MLS Search, Apply online, Utah County Real Estate Neighborhoods, Utah County Real Estate, Utah County Homes MLS,, Utah County Real Estate For Sale By Owner, Utah County Homes 4 Sale, Utah County Real Estate 4 Sale, Utah County Short Sales, Utah County Bank Owned, Utah County Short Sales UCRE, Utah County Bank Owned UCRE, Davis County Real Estate, Chandler Real Estate, Gilbert Real Estate, Mesa Real Estate, Tempe Real Estate, Queen Creek Real Estate, Tooele County Real Estate, Summit County Real Estate, Wasatch County Real Estate, Washington County Real Estate, Salt Lake County Real Estate, Weber County Real Estate, Springville Real Estate, Lehi Real Estate, American Fork Real Estate, Alpine Real Estate, Pleasant Grove Real Estate, Heber City Real Estate, Midway Real Estate, St. George Real Estate, Cedar City Real Estate, Park City Real Estate, Deer Valley Real Estate, Cache Valley Real Estate, Logan Real Estate, Brigham City Real Estate, Vernal Real Estate, Utah County Alpine American Fork Cedar Hills Eagle Mountain Highland Lehi Lindon Mapleton Orem Payson Pleasant Grove Provo Salem Santaquin Saratoga Springs Spanish Fork Springville Elk Ridge Davis County Layton Bountiful Farmington Centerville Clearfield Kaysville Salt Lake County Draper Holladay Kearns Midvale Murray Riverton Salt Lake City Sandy South Jordan South Salt Lake Taylorsville Summit County Park City Deer Valley Weber County Ogden North Ogden South Ogden Eden Roy Wasatch County Heber City Midway Cedar City Vernal Kanab Nephi Cache Valley Logan Brigham City Tremonton Washington County St. George Charleston

Search Arizona MLS

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 all of your bills on time and that you do carry some line of credit so you can show the lenders that you pay your bills.

Type of Loan

Recently, I am sure you have noticed that the home loan market has taken a dramatic change. There are not nearly as many programs available as there used to be. Most banks require that the home buyer contribute more down payment. They feel that with the higher down payment , the buyer will be less likely to default on their loan. But there are still a few loan programs available, so make sure that your loan officer takes you through all the types of loans that you have available to you based on your financial situation.

Yield Spread Premium

The one factor that most home buyers are not familiar with is Yield Spread Premium. Yield Spread premium is usually disclosed to the home buyer in the good-faith estimate as being between 0% and 4%. The loan officer doesn't have to tell you the exact percentage, mainly because he/she does not know for sure, because rates are constantly changing. Most states are now required to disclose the final Yield Spread Premium on the closing documents. Make sure you understand this concept thoroughly prior to going to closing, because you could be real surprised if you don't. Avoid any problems at closing by having your loan officer explain this program in detail during the transaction. Yield Spread Premium is where most loan officers make the bulk of their commission. The balance comes from the Loan Origination fee. Most important, is become informed, ask many questions of your loan officer throughout the entire process.

Purchasing a home can be a wonderful experience, if you are not prepared prior to entering the process it can be a bad a one. Make sure you keep your credit in good standing, save up as much money as possible for a down payment and become informed and everything will go great. Good Luck.

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 4 Sale Alpine Real Estate American Fork Real Estate Cedar Hills Real Estate Highland Real Estate Lehi Real Estate Pleasant Grove Real Estate Utah County Home Values Utah County Realtor Utah County Realtors Provo Realtor Provo Utah Real Estate Eagle Mountain Real Estate Mapleton Real Estate Payson Real Estate Saratoga Springs Real Estate Spanish Fork Real Estate Springville Real Estate Utah Best Rate Utah Home Loans Franklin D. Hulme, DDS Orem Real Estate, Provo Real Estate, American Fork Real Estate, Lehi Real Estate, Lindon Real Estate, Pleasant Grove Real Estate, Highland Real Estate, Alpine Real Estate, Eagle Mountain Real Estate, Saratoga Springs Real Estate Springville Real Estate, Mapleton Real Estate, Spanish Fork Real Estate, Cedar Hills Real Estate , Utah County Real Estate , Utah County Real Estate, Utah County Real Estate MLS, Utah County Homes MLS, Prudential Utah Real Estate, Loans MLS Search, Apply online, Utah County Real Estate Neighborhoods, Utah County Real Estate, Utah County Homes MLS,, Utah County Real Estate For Sale By Owner, Utah County Homes 4 Sale, Utah County Real Estate 4 Sale, Utah County Short Sales, Utah County Bank Owned, Utah County Short Sales UCRE, Utah County Bank Owned UCRE, AMP Xpress, Davis County Real Estate, Chandler Real Estate, Gilbert Real Estate, Mesa Real Estate, Tempe Real Estate, Queen Creek Real Estate, Gold Canyon Dentist, Mark Wilkinson, Tooele County Real Estate, Summit County Real Estate, Wasatch County Real Estate, Washington County Real Estate, Salt Lake County Real Estate, Weber County Real Estate, Springville Real Estate, Lehi Real Estate, American Fork Real Estate, Alpine Real Estate, Pleasant Grove Real Estate, Heber City Real Estate, Midway Real Estate, St. George Real Estate, Cedar City Real Estate, Park City Real Estate, Deer Valley Real Estate, Cache Valley Real Estate, Logan Real Estate, Brigham City Real Estate, Vernal Real Estate, Utah County Alpine American Fork Cedar Hills Eagle Mountain Highland Lehi Lindon Mapleton Orem Payson Pleasant Grove Provo Salem Santaquin Saratoga Springs Spanish Fork Springville Elk Ridge Davis County Layton Bountiful Farmington Centerville Clearfield Kaysville Salt Lake County Draper Holladay Kearns Midvale Murray Riverton Salt Lake City Sandy South Jordan South Salt Lake Taylorsville Summit County Park City Deer Valley Weber County Ogden North Ogden South Ogden Eden Roy Wasatch County Heber City Midway Cedar City Vernal Kanab Nephi Cache Valley Logan Brigham City Tremonton Washington County St. George Charleston

Search Arizona MLS

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 inexperienced buyer and extremely difficult.

Those waiting for a market bottom confirmation will (almost always) miss the bottom. This is because confirming factors are lagging indicators.

Buy and hold is the best buying strategy.

Data considered accurate... However is NOT Guaranteed. Contact your Mark Watterson your Local Property Resource Specialist for the most up-to-date data and help to determine your specific risk tolerance.

_______________________________________________________________________________________________________________________________________

Mark Watterson is a Utah licensed Real Estate Broker with Principle Realty Group, Inc. and a Utah license Loan Officer with Springwater Capital, LLC

Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date market conditions data for Salt Lake, Davis, Utah and Weber Counties. View comprehensive property resource information at www.markwatterson.com

It's Not About the Money -It's about life long relationships that are based on Customer Service Excellence.

The "Voice of the Customer" is where it all begins. Customer Service Excellence is not just words. It's our CULTURE.

My customers refer their family and friends because of the exceptional attention to detail, customer focus and the value added services they receive. An unmatched passion and love for providing these services is the thread that binds the entire business process together making it a smooth and seamless event.

In fact it doesn't even seem like business. Because it's all about you, your goals and objectives.

You should expect the highest level of service and you deserve it. It's about you, the right property and your GOALS. YOU Deserve the BEST!

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 your credit report and have them fixed prior to submitting your information to a loan officer. It could take some time to have these errors fixed so should not waste any time on this step.

Debt-to-Income Ratio

Lenders prefer to see your Debt-to-Income ratio at or below 20% of net monthly income. If your ratio is above 20%, it would be a good idea to pay it down before applying for a loan.

Start Saving Cash

Not only is cash important when making your down payment, lenders like to see some cash reserves on hand. You may need some extra cash to cover unexpected fees that might arise before closing.

Pre-Approval

During the pre-approval process the lender will review your credit, finances and debt and will conditionally qualify you a certain amount of mortgage loan. Sellers take buyers with a pre-approval letter a lot more serious; you are in a much better bargaining position.

Avoid New Lines of Credit

Try keeping your financial situation as stable and as favorable as possible. The worst thing you can do is take out a new loan or line of credit while in the loan process.

Choose A Realtor

It is very important that you have a professional to help you through the purchase process, especially when you are buying a home. The agent representing the Seller always has the best interest of his Seller in mind. Buyer Representation is very important to get an objective view and have someone who will work hard for you.

Validate the Asking Price

It is called the "asking price" for good reason. No asking price is set in stone, and everything in real estate is negotiable. So don't accept an asking price as being reasonable until you validate it through careful research. Your Realtor can provide you with a Comparable Market Analysis to help you with this step.

Write an Offer

After careful evaluation, and checking out all the comparisons available to you, now is the time to make an offer on the home.

Get a Home Inspection

This is a very crucial step. It is so important to you to use the time allotted for the home evaluation to get a complete Home Inspection. A home is a sizable investment, and the last thing you want is t find a bunch of things wrong with it after you take ownership. Inspections are very affordable, and you can't put a price on the peace of mind you will have as a result of your inspection.

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 4 Sale Alpine Real Estate American Fork Real Estate Cedar Hills Real Estate Highland Real Estate Lehi Real Estate Pleasant Grove Real Estate Utah County Home Values Utah County Realtor Utah County Realtors Provo Realtor Provo Utah Real Estate Eagle Mountain Real Estate Mapleton Real Estate Payson Real Estate Saratoga Springs Real Estate Spanish Fork Real Estate Springville Real Estate Utah Best Rate Utah Home Loans Franklin D. Hulme, DDS Orem Real Estate, Provo Real Estate, American Fork Real Estate, Lehi Real Estate, Lindon Real Estate, Pleasant Grove Real Estate, Highland Real Estate, Alpine Real Estate, Eagle Mountain Real Estate, Saratoga Springs Real Estate Springville Real Estate, Mapleton Real Estate, Spanish Fork Real Estate, Cedar Hills Real Estate , Utah County Real Estate , Utah County Real Estate, Utah County Real Estate MLS, Utah County Homes MLS, Prudential Utah Real Estate, Loans MLS Search, Apply online, Utah County Real Estate Neighborhoods, Utah County Real Estate, Utah County Homes MLS,, Utah County Real Estate For Sale By Owner, Utah County Homes 4 Sale, Utah County Real Estate 4 Sale, Utah County Short Sales, Utah County Bank Owned, Utah County Short Sales UCRE, Utah County Bank Owned UCRE, AMP Xpress, Davis County Real Estate, Chandler Real Estate, Gilbert Real Estate, Mesa Real Estate, Tempe Real Estate, Queen Creek Real Estate, Gold Canyon Dentist, Mark Wilkinson, Tooele County Real Estate, Summit County Real Estate, Wasatch County Real Estate, Washington County Real Estate, Salt Lake County Real Estate, Weber County Real Estate, Springville Real Estate, Lehi Real Estate, American Fork Real Estate, Alpine Real Estate, Pleasant Grove Real Estate, Heber City Real Estate, Midway Real Estate, St. George Real Estate, Cedar City Real Estate, Park City Real Estate, Deer Valley Real Estate, Cache Valley Real Estate, Logan Real Estate, Brigham City Real Estate, Vernal Real Estate, Utah County Alpine American Fork Cedar Hills Eagle Mountain Highland Lehi Lindon Mapleton Orem Payson Pleasant Grove Provo Salem Santaquin Saratoga Springs Spanish Fork Springville Elk Ridge Davis County Layton Bountiful Farmington Centerville Clearfield Kaysville Salt Lake County Draper Holladay Kearns Midvale Murray Riverton Salt Lake City Sandy South Jordan South Salt Lake Taylorsville Summit County Park City Deer Valley Weber County Ogden North Ogden South Ogden Eden Roy Wasatch County Heber City Midway Cedar City Vernal Kanab Nephi Cache Valley Logan Brigham City Tremonton Washington County St. George Charleston

Search Arizona MLS

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 that would be nice to have. This will save you a great deal of time and provide a clear focus for your house hunting.

Working with a Realtor

Although the Internet can provide you with homes matching your criteria and it seems easy to drive around, take notes, and set up appointments to view homes for sale, using an agent can be more efficient. They can do the same thing for you, but by working with a Realtor, you benefit from their knowledge and experience also. Their advice could better help you determine the right home for you and they can assist you with the actual purchase contract.

What to Do When You Find the Right Home

Considering everything has come together, the price is within your budget, and a home has met your demands, it's time to make an offer. Part of the offer should require a home inspection so you have reliable information about any major problems or repairs you might incur and how they will be handled. If your offer is accepted, the sale proceeds. If your offer is not accepted, the seller may counter-offer with different terms.

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 4 Sale Alpine Real Estate American Fork Real Estate Cedar Hills Real Estate Highland Real Estate Lehi Real Estate Pleasant Grove Real Estate Utah County Home Values Utah County Realtor Utah County Realtors Provo Realtor Provo Utah Real Estate Eagle Mountain Real Estate Mapleton Real Estate Payson Real Estate Saratoga Springs Real Estate Spanish Fork Real Estate Springville Real Estate Utah Best Rate Utah Home Loans Franklin D. Hulme, DDS Orem Real Estate, Provo Real Estate, American Fork Real Estate, Lehi Real Estate, Lindon Real Estate, Pleasant Grove Real Estate, Highland Real Estate, Alpine Real Estate, Eagle Mountain Real Estate, Saratoga Springs Real Estate Springville Real Estate, Mapleton Real Estate, Spanish Fork Real Estate, Cedar Hills Real Estate , Utah County Real Estate , Utah County Real Estate, Utah County Real Estate MLS, Utah County Homes MLS, Prudential Utah Real Estate, Loans MLS Search, Apply online, Utah County Real Estate Neighborhoods, Utah County Real Estate, Utah County Homes MLS,, Utah County Real Estate For Sale By Owner, Utah County Homes 4 Sale, Utah County Real Estate 4 Sale, Utah County Short Sales, Utah County Bank Owned, Utah County Short Sales UCRE, Utah County Bank Owned UCRE, AMP Xpress, Davis County Real Estate, Chandler Real Estate, Gilbert Real Estate, Mesa Real Estate, Tempe Real Estate, Queen Creek Real Estate, Gold Canyon Dentist, Mark Wilkinson, Tooele County Real Estate, Summit County Real Estate, Wasatch County Real Estate, Washington County Real Estate, Salt Lake County Real Estate, Weber County Real Estate, Springville Real Estate, Lehi Real Estate, American Fork Real Estate, Alpine Real Estate, Pleasant Grove Real Estate, Heber City Real Estate, Midway Real Estate, St. George Real Estate, Cedar City Real Estate, Park City Real Estate, Deer Valley Real Estate, Cache Valley Real Estate, Logan Real Estate, Brigham City Real Estate, Vernal Real Estate, Utah County Alpine American Fork Cedar Hills Eagle Mountain Highland Lehi Lindon Mapleton Orem Payson Pleasant Grove Provo Salem Santaquin Saratoga Springs Spanish Fork Springville Elk Ridge Davis County Layton Bountiful Farmington Centerville Clearfield Kaysville Salt Lake County Draper Holladay Kearns Midvale Murray Riverton Salt Lake City Sandy South Jordan South Salt Lake Taylorsville Summit County Park City Deer Valley Weber County Ogden North Ogden South Ogden Eden Roy Wasatch County Heber City Midway Cedar City Vernal Kanab Nephi Cache Valley Logan Brigham City Tremonton Washington County St. George Charleston

Search Arizona MLS