About Utah County, UT

Sell Your Utah County Home Before You Buy a New One

When it comes time to purchase a new Utah County Home, the question always comes up, should I sell my old home before I buy the new one? Depending on your credit situation and your ability to qualify for two loans, this question could be easily resolved. We will assume you have excellent credit and can do whatever you please.

It is always better to have your present home sold before you make an offer on the new home. If you have an offer with a contingency of selling the old home, the seller will be less likely to accept the offer or allow better terms. You will always be in a better bargaining position if you were able to move in without delay.

Credit terms on you new loan will also be better based on you living in the new home as your primary residence. Banks never offer better rates or terms on a second home.

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Utah County Home Buyers Beware - Yield Spread Premium (YSP)

As a Loan Officer and Realtor I have noticed an area of Home Loans and Mortgages that goes unnoticed by the consumer, that of Yield Spread Premium. Most borrowers believe that their Loan Officer makes his profit with the Loan Origination Fee. But most don't understand that the Loan Officer can make up to 4 percent more, on most loans, with the Yield Spread Premium.

What is Yield Spread Premium?

Yield Spread Premium, or YSP, is the fee paid by the Lender to the broker in exchange for a higher interest rate, or an above wholesale rate. The borrower may qualify for a certain rate, but the broker can charge this fee and give the borrower a slightly higher rate to make more commission. YSP was originally intended as a way for the borrowers to avoid having to pay any money up front. Today it is seen primarily as just another fee the borrower gets stuck with. The YSP is disclosed by law on the Good Faith Estimate. Usually the YSP is stated as between 0 and 4 percent, at the bottom in fine print.

What can Borrowers Do?

The best way to understand YSP is to discuss the topic with your Mortgage Loan Officer. Make sure he/she explains the difference between Loan Origination and YSP, and continues to keep you informed up to and including closing.

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Annual Percentage Rate (APR) and Utah County Homes for Sale

As a Loan Officer here in Utah County, I have found that many consumers don't fully understand the term Annual Percentage Rate. Probably no other disclosure is as baffling to the average consumer as APR is. Few understand how the APR can be higher than the interest rate. The APR is the finance charge expressed as a numerical percentage, which is an expression of the annualized finance charge. The APR includes the interest rate plus all of those items that are included in the finance charge.

Although few mortgage lenders actually do it, lenders are required to disclose the APR when inquiries are made orally. The APR also has to be fully disclosed on any advertising materials.

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Utah County Home Loan Documentation

When it comes time to purchase new Utah County Home, your first step in the purchase process is to get pre-qualified for your home loan. Once you contact a Mortgage loan officer, he will ask you to fill out a Mortgage Loan Application (1003) and supply him with documentation. The documentation required will vary, but generally you will supply the following:

•· Federal income tax statements and verification of any additional income

•· Your two most recent W2's

•· Current paycheck stubs

•· Recent bank statements

•· Asset and liability information (stocks, bonds, other real estate, etc.)

Good Luck and Happy house hunting.

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Utah County Real Estate Utah County Homes Utah Homes For Sale Provo Real Estate WS Orem Real Estate WS Utah Homes 4 Sale Alpine Real Estate Alpine Real Estate Cedar Hills Real Estate Highland Real Estate Eagle Mountain Real Estate Springville Real Estate Utah County Real Estate Utah County Homes 4 Sale Utah County Real Estate 4 Sale Springville Real Estate Lehi Real Estate American Fork Real Estate Pleasant Grove Real Estate Utah County Realtor Alpine Homes for Sale American Fork Homes for Sale Lehi Homes for Sale Pleasant Grove Homes for Sale Saratoga Springs Homes for Sale Provo Orem Homes for Sale Utah County Realtors Mapleton Homes for Sale Utah County Realtor MLS Search Utah County Realtor Map Search Utah County Real Estate MLS Search Utah County Homes MLS Search Draper Real Estate, Draper Homes for Sale, Herriman Real Estate, South Jordan Real Estate, Sandy Homes for Sale, Salt Lake Homes for Sale