Santaquin, UT

Origination points are a fee paid to the originating lender which is part of the profit margin for the services that they provide. Both are measured as a percentage of the loan amount and both are factored into the loans APR. Generally, points are deductible as long as the seller didn't pay for them and origination fees are tax deductible provided they are expressed as a percentage.

Discount points enable you to lower your loans interest rate. They are basically prepaid interest, with each point equaling 1 % of the total loan amount. When you pay a point on a 30 year mortgage, you can lower your interest rate by .125 of a percentage point. When comparing loan rates, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid. Discount points are a good idea if you plan to stay in your home for some time since they will lower your monthly loan payment. Points are tax deductible when purchasing a home and sometimes you can negotiate with the seller to pay for some of them.

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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 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 phone calls and leads rather than sell the home.

There are times when the seller truly is distressed, willing to make a quick sale and sacrifice thousands of dollars. With the seller's permission, the listing agent will post this information on the Multiple Listing Service. They may also inform other agents during office meetings or by flyer sent to other real estate agents. Provided this information has been made generally available to Realtors, your agent should know when a seller is truly motivated and when it is just "puffing" designed to elicit interest in the property.

By: Robert A. Hulme - Realtor - Loan Officer

Typically a First Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more. Some home loan guidelines are longer than that.

There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers. First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them.

Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important.