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Provo, UT Real Estate News

By Katerina Gasset, Amplify Your Real Estate & Life Dreams!
(The Gasset Group & Get It Done For Me Virtual Services )
The first time I lived in Provo, Utah was in 1980. I was newly married with a young infant. We only lived here for a very short time before moving to be closer to family in California. Then we moved back to Provo in 1987, just seven years later. We lived here until 1990 before moving again to be closer to family — this time in Seattle, Washington. We eventually moved to Florida in 1995, and I lived there for the next 26 years. However, I always dreamed of moving back to the Provo Hills and Provo Canyon. I missed the mountains, the spirit, the people, and my church centrality. In Florida, I lived less than a 5-minute walk to the Wellington Chapel, but the geographical boundaries of our ward were so large. It was hard to connect and be close to each other, living so far from away. Most of...
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By Katerina Gasset, Amplify Your Real Estate & Life Dreams!
(The Gasset Group & Get It Done For Me Virtual Services )
What is Provo Utah Known For? Mountains, Brigham Young University, and Mormons, (members of the Church of Jesus Christ of Latter Day Saints, shortened version: LDS).Over the years, Provo Utah has grown into the second largest city in Utah. Salt Lake City is the largest city in Utah. Mormon Culture in Provo While over 93% of Provo Utah are members of the Church of Jesus Christ of Latter Day Saints, there are still people who are not members of the church who love to live here in Provo. There are other Christian domination churches in Provo. Catholics have churches in Provo and there is also a Buddhist Monastery. Utah itself is ranked by the Gallop Poll as the most religious state which can be quite surprising when you think of the southern bible belt. Provo is ranked as the most religiou...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Mortgage fraud is the fastest growing white-collar crime in America today.  There are two types of Mortgage Fraud: fraud for property and fraud for profit. Fraud for Property, also known as Fraud for Housing, usually involves the borrower as the perpetrator on a single loan Fraud for Property. This is when an individual misrepresents or leaves out information on his or her mortgage application in order to qualify for a home loan.The other type, fraud for profit, usually involves identity theft an individual steals and uses the personal information of someone else to qualify for a loan.  Imagine not only having to beware of questionable mortgage lenders, but of someone else getting a home in your name. It is a scary prospect, and unfortunately it happens all too often. Many Americans hav...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Most regions around the country are experiencing a housing market slump at the present time. Existing home sales have generally been falling since the beginning of the year and median home prices have also been dropping compared with their year-ago numbers. Property value appreciation has been slow in most markets of the nation and some areas have even experienced stagnated prices or devaluation of properties. On top of that, foreclosure rates have been rising among subprime or poor credit homeowners, meaning that the inventory of homes on the market keeps rising. This might seem like a scary time to jump into the housing market. Yet if you are a first-time home buyer, you may find this a good time to score a great deal as sellers compete ferociously for your business. First-timers have...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Buying a home can be an intimidating process. You may have heard stories about other buyers getting scammed by shady mortgage lenders, or about people getting rejected for home loans because of small things. While you will have to be cautious as you choose a lender and the right loan program, you should be glad to know that you do have certain guaranteed rights in the loan application process. Thanks to two laws, the Fair Housing Act and the Equal Credit Opportunity, you can feel protected against discrimination as you apply for a mortgage loan. These laws prohibit mortgage lenders from discriminating against your application because of your race, color, national origin, religion, sex, marital status, age, receipt of public assistance funds, familial status (having children under the ag...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
It is an unfortunate but all too common scenario today: you bought a home a few years ago during the height of the housing boom.  In order to afford for the rapidly price-appreciating home, you took out a risky adjustable-rate mortgage (ARM), think you would be able to refinance before the interest rate and payments reset.  Now that the housing market has slowed and slumped, you find yourself unable to keep up with higher monthly payments and unable to find financing for a new loan.  Because the housing market is flooded with excess inventory already, you are unable to sell your home to remedy the situation.  You are now faced with a difficult decision: continue missing mortgage payments and lose your house, or file for bankruptcy? When it comes to your credit score, both of these choic...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
First Time Home Buyers have a lot to do when preparing to buy a home.  Buying a home is a big step one that should be carefully planned out and prepared for. Ideally you should start preparing yourself and your finances for the purchase about one year in advance. CreditYour credit report is a highly influential document these days. Lenders use it as a reflection of your responsibility with credit sources. They also use your credit score as a gauge of how much risk there are assuming by lending you money. In fact, the interest rate that they will offer you on a mortgage is often directly related to your credit score - the higher your score, the better your rate. So your task is to start now to make your credit score as attractive as possible to lenders. It generally takes at least six mo...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Fixing Your Credit With all of the turmoil in the subprime mortgage market, many people with poor credit that would have qualified for a home loan a year ago are no longer being considered for mortgage funding. As more and more bad-credit homeowners file for foreclosure, lenders are taking fewer risks on those with less-than-perfect credit. If you fall into this category, and you are hoping to buy a home soon, you may need to first concentrate on improving your credit score before you will be approved. First you need to understand what a credit score is. It is a number generally between 300 and 800 and is a composite of several different factors, including your history of on-time or late payments, the number of credit accounts you have and the balances on those accounts, and the length...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
When is the best time to sell a home?  Is it time to find a bigger home to accommodate your growing family, or maybe you are ready to move into a smaller home for your retirement years, or maybe you just got a great promotion and would like to upgrade into a nicer neighborhood.  Whatever your reasons for moving, you are first going to have to sell your current home.  How do you know when it is the right time to put your home on the market?  There are several important factors to consider in choosing the best time to start the selling process. Generally, the goal of most sellers is sell their home quickly and for the highest price possible. With that in mind, you should consider that home buying tends to follow seasonal patterns.  The busiest time for home purchases is between late winte...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
When it comes to buying a home, there are two essential people you will work with during the process. These individuals are your Realtor and your mortgage loan officer. As important as these people are to your home purchase and investment, you will want to find the very best Realtor and Loan Officer for your situation. The following are some tips to helping you make wise decisions in the selection process. Choosing the Right Realtor You may be wondering if you really need to hire a Realtor at all, right? You may feel like you could save yourself the commission fee by skipping the Realtor. This may be true, if you have the time, knowledge, and experience behind you to do all the searching yourself. There are many benefits to finding a good Realtor though. Buying a home involves so much l...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Are you Elderly (Over 62 years of Age)?  Are you considering selling your home to get the money necessary to survive in your retirement?  The Reverse Mortgage (RM) may be a great alternative.  The RM was designed to enable older retired homeowners who are likely to be on fixed income to use the equity in their homes (Most likely totally paid for) as a source of supplemental income while still retaining ownership.  The RM program is available to homeowners who are 62 years of age, who own their home free and clear or nearly so and who wish to use the equity in their homes to cover part or all of their living expenses after retirement. The way the RM works is like this, a lender has the home appraised and then lends a certain percentage of the current value.  The loan itself is paid to th...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
As of 1994, the state of Utah authorized Buyer's Agency.  In Utah County, and throughout the state, buyers can choose an agent to work exclusively on their behalf.  Buyer agency benefits include: •·         Buyer's agents are almost always paid out of the proceeds of the sale by the seller or builder, so we always recommend using a Realtor, as it will cost you nothing extra. •·         Many people do not realize that it is advantageous to have an agent on a new home purchase as well.  I have gone to bat for my clients on a number of occasions when there were problems with home builders.  Salespeople who work for the builder are usually very ethical they are also employees of the builder and are bound by their relationship to their employer.  They do not specifically represent the home b...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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 total loan amount.  With a home selling for $300,000 and 10 percent down or $30,000, the annual cost of PMI on your $270,000 loan would be approximately $1,350 annually or an extra $112.50 monthly on your home payment.  PMI will go away once yo...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Buying or selling a home is one of the most important decisions you will make during your lifetime.  This experience can be a very difficult one unless you are working together with a qualified group of professional relocation specialists.  Make sure you research all areas of relocation prior to making the move.  Here are the main areas you need to consider when starting this task. •·         Choose the Right Mover •·         Choose the Right Realtor to help you sell your home •·         Choose the Right Realtor to help you buy your new home •·         Determine your search criteria •·         Choose the Right Mortgage Lender •·         Choose the Right Home Inspector •·         Appraisal process •·         Homeowner's Insurance •·         Title company for Settlement and Closing All of...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Owning your own home usually comes along with some nice amenities, you will most likely have a lot more space than if you rent.  Even moving from an apartment to a condominium you will probably have must more room available, your own laundry and storage area and bigger rooms.  Apartment complexes are interested in creating the maximum number of income producing units than they are in creating space for each of the tenants. Now is the time for First Time Homebuyers to look into homeownership.  The programs available have never been greater and you might find that the extra space just might come in handy. 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 Estat...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
There are certainly some advantages and disadvantages to renting versus owning your own home.  When you rent, you are normally limited on what you can do to improve your home.  You have to get permission to make changes or improvement to the home.  It really doesn't make sense to paint, put in new carpet, tile or window coverings when the main person who benefits is the landlord.  The landlord wants to keep expenses to a minimum and will probably not be spending much to improve the property as well.  When you own the home you do pretty much whatever you want to.  You get the benefit of any improvements you make.  You can really make your home a home. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Hom...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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 Buying a home is a very good investment. As a general rule, homes appreciate about five percent a year.  Some years will be more, some less.  The figure will vary from neighborhood to neighborhood, and region to region.  Five percent may not seem like that much at first.  Stocks, at times, appreciate much more, and you could earn over six percent with the safest investment of all, treasury bonds. Presumably, if you bought a $200,000 house, you did not pay cash for the home.  You got a mortgage, too.  Suppose you put as much as twenty percent down...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Private Mortgage Insurance (PMI) is the safety net of the lender.  PMI benefits lenders because it guarantees payment on the balance of loans not covered by the sale of foreclosed properties. If a borrower makes a down payment of 20% of the cost of the home, the lender can generally trust that he will make his mortgage payments faithfully to protect a large investment. In this case, the lender comes out ahead if the borrower is forced to foreclose on his house, because the lender loans 80% of the cost of the house, but will probably recover 100% of the cost of the house. But, if the borrower makes a smaller down-payment, such as 3%, 5% or 10%, and borrows the rest, and then defaults on his loan, the lender loses money. If a house is purchased with a conventional mortgage and a down paym...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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 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 the...
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By Mark Watterson, Utah Real Estate
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 cycle ...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Properties that are in distress usually are referred to as Foreclosures.  Foreclosure usually happens for a number of different reasons.  Few home owners choose to go into foreclosure voluntarily.  It is often a result of one of the following: •·         Loss of Job, laid-off, fired or just quit. •·         Unable to work due to medical condition. •·         Divorce •·         Job transfer •·         High debt, unable to make mortgage payments Foreclosure property can be distributed to the public in a number of different ways.  The first step usually takes place in the form of a Short Sale.  The seller tries to negotiate a lower payoff to try and avoid credit report problems.  When the seller is unable to negotiate a short sale, next the bank would take the property to public auction.  ...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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 As of 1994, the state of Utah authorized Buyer's Agency.  In Utah County, and throughout the state, buyers can choose an agent to work exclusively on their behalf.  Buyer agency benefits include: •·         Buyer's agents are almost always paid out of the proceeds of the sale by the seller or builder, so we always recommend using a Realtor, as it will cost you nothing extra. •·         Many people do not realize that it is advantageous to have an agent on a new home purchase as well.  I have gone to bat for my clients on a number of occasions whe...
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