Southern Utah Home Loans

2012-01-06T09:02:00.000-08:00

Get More Home for the Money
What do home buyers want....it varies greatly. I think that one thing that all home buyers have in common is that they want the most house they can get within their budget.

Let me tell you how an extra 1.5% down payment can turn into a 10% increase in purchase price without increasing the monthly payment.

Qualifying After a Short Sale

2011-05-05T08:11:00.000-07:00

4155.1 4.C.2.l Short Sales

A borrower is not eligible for a new FHA-insured mortgage if he/she pursued a short sale agreement on his/her principal residence simply to

• take advantage of declining market conditions, and

• purchase a similar or superior property within a reasonable commuting distance at a reduced price as compared to current market value.

Borrower Current at the time of Short Sale

A borrower is considered eligible for a new FHA-insured mortgage if, from the date of loan application for the new mortgage, all

• mortgage payments on the prior mortgage were made within the month due for the 12-month period preceding the short sale, and

• installment debt payments for the same time period were also made within the month due.

Borrower in Default at the time of Short Sale

A borrower in default on his/her mortgage at the time of the short sale (or pre-foreclosure sale) is not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.

2011-01-21T13:33:00.000-08:00

Are we tired of hearing people say, "Now is the time to buy"?
For a first time home buyer it really is. This video shows how buying a home with very little down at today's rates will give you a cheaper payment than renting the same house.
This doesn't even take into account the tax savings!

Get More Home for the Money

2011-01-04T11:14:00.000-08:00

What do home buyers want....it varies greatly. I think that one thing that all home buyers have in common is that they want the most house they can get within their budget.

Let me tell you how an extra 1.5% down payment can turn into a 10% increase in purchase price without increasing the monthly payment.

I think you would be a Hero to your buyer if you could help them get 10% more more house for the same payment.

How to Eat an Oreo

2010-10-04T11:20:00.000-07:00

This video could be a metaphor for life. Maybe not.
Allow me to share with you something that has changed my life and made me a happier person.

Making the most of your refinance

2010-09-16T16:26:00.000-07:00

This is a mortgage tip that would make Dave Ramsey proud. Yes, your refinance is going to lower your monthly payment but that doesn't mean that you HAVE to lower your monthly payment.

PAY EXTRA! At the very least continue to pay what you are paying now. Over the life of the loan you could reduce the total interest you pay by 30% or more and pay it off 6 years earlier or more.

Am I wearing the same shirt that I was wearing when I did my last video? What a loser. Please refer your friends and family, I only have enough money to afford one shirt!

Should I Refinance

2010-07-16T10:01:00.000-07:00

Interest Rates are AWESOME right now. You may even be able to get below 4.5% APR.
It is important to look at how much it costs compared to how much you can save. I believe you need to be able to save enough money every month to recuperate the cost of the refinance in less than 2 years. I explain that in this video.

If you or a friend or family member has a rate aboce 5.5% I can probably save them enough money to justify a refi.

For FHA loans this doesn't apply because First Colony Mortgage has no closing costs on an FHA refinance.

Can I have a Government Bail Out? YES!!!!

2010-06-11T16:26:00.000-07:00

Here is your government bailout. Three years ago home values were higher but so were interest rates. Today's rates are in the low 5s and high 4s. Thanks to the "Making Home Affordable Plan" homeowners who have loans backed by Fannie Mae or Freddie Mac may be able to refinance even if their home has lost value and they have little or no equity. You won't have mortgage insurance if your original mortgage didn't have mortgage insurnace. Do you have a 2nd mortgage? Might not be a problem. Upside Down? Might not be a problem.

Call me today and I can teach you how.

Bi-Weekly Payments - A Better Option

2010-05-18T13:13:00.000-07:00

Bi-weekly Mortgage Payments are a great way to pay off your loan faster and save tons of money in interest. HOWEVER you might have to pay fees to do it. I recommend an alternative that can accomplish the same exact thing but without having to pay the fees. The key to the whole thing is making it AUTOMATIC so that you don't have to think about it. Follow my method and put it on AUTO PAY and you will get the benefit without the cost.

"How Much can I qualify for?"

2010-05-10T07:51:00.000-07:00

So many home buyers ask me how much they can qualify for? The better question should be how much can I afford? This video describes how to help home buyers see how much house they can buy based on a house payment that fits their budget.

This will help buyers be Successful Homeowners.

BBQ for past clients

2010-05-04T15:03:00.000-07:00

This past weekend (Iron Man weekend) we had an appreciation BBQ at Snow Park for all of our wonderful past clients. We gave away gift certificates for Smash Burger and 5 guys burgers, and a Flat Screen TV. When the dust settled we had cooked and served over 200 Hotdogs. I love events like this because it reminds me that this business is all about people. It was fun to see all of the successful home owners we have been able to help over the years. Cant wait to do the Movie again in the Fall.

2010-04-23T17:15:00.001-07:00

We Love Tax Credits

2009-11-09T19:37:00.000-08:00

Click here to get details of new Tax Credit

Suffice it to say that I love Tax Credits. Similar to the way that I like donuts, pizza and peanut M&Ms. They are oh so tasty right now and honestly who cares about the lifetime that they spend as a spare tire around my belly.

These tax credits are great for home buyers now but may have negative results on the economy as a whole in the future.

Since I am not an economist I am not going to go there and I am simply going to say, "enjoy it while you've got it."

Now lets take a moment and talk about my recommendations (do's and don'ts) for buyers that get it.

Do start a Rainy Day Fund. Lets face it, most first time home buyers are broke after down payment and closing costs. Repay yourself and stick that whole thing in the bank.

Do pay off consumer debt. If this doesn't get the whole thing then pay off what you can and apply those monthly payments to the others until all are gone (Snow ball).

Don't use it to pay down your mortgage UNLESS you are debt free (except mortgage) and already have a rainy day fund. Then make sure your lender will RE-AMORTIZE (lower) your payment. This give you cash flow flexibility in the future but DO continue to pay the same amount so you can pay off early.

Don't buy toy's, TVs, designer clothes or other non necessities

Do contribute to your IRA or other retirement plan IF you are free from consumer debt and have a rainy day fund.

Do payback that relative you borrowed $8,000 from to make a down payment. Shame on you, you should have saved that yourself so that you could now have a rainy day fund. Too late now.

Do use it to buy furniture if you need it but don't fool yourself into thinking that you need everything leather and new. Don't worry, your furniture store has been going out of business for 6 years. Those sales aren't really that great. Hit up craigslist and score some deals so that you can start that thing I mentioned earlier A RAINY DAY FUND.

I could go on but won't. You're about to get a bunch of free money. Don't be an idiot! Don't do something that you will regret in the future. Be smart with it and it could change you life. We live amongst a generation of spenders. Who do you think will REALLY have money to spend in the future..... those who are SAVERS today.

What to Expect from this blog

2009-10-06T20:04:00.001-07:00

Let's set some expectations for this blog. You are going to get great information about what is going on in the mortgage world. I will be constantly giving tips, tricks, breaking news and just some old fashion fun.

This blog will be riddled with video. I will be posting a series of "instructional" videos that explain anything from loan products to tax credits, buying points to first time buyer grants, and of course interest rates and how they work.

Feel free to follow this blog and share it with your friends.