Thanks Veritas Funding for this great reminder! As cool weather sets in, don't forget to get your home ready!! We have great relationships with many handymen and specialists if you need help, just let me know!!
Thursday, October 23, 2014
Salt Lake County Numbers - 2nd Quarter 2014
Thanks to the Salt Lake Tribune for compiling numbers giving us an overview of prices in Salt Lake County for the 2nd quarter of 2014. 3rd quarter numbers have not been compiled yet, but I will post them once they are out!
For more specific information about the value of your home, please feel free to contact me, anytime!!
Thursday, October 9, 2014
How Will You Know if You Never Try?
PROCEED WITH . . . CAUTION . . . . DO NOT ENTER . . . WRONG WAY . . .
Numerous road blocks can keep buyers from reaching their real estate goals.
BUT THAT DOESN'T HAVE TO BE TRUE FOR YOU!!!
There are many options that can help you get in to a home! I wan't to take a minute and work through 3 of the most common problems we hear from potential buyers.
1. "I wont qualify"
I can't tell you how many times I have heard this, arranged for the buyer meet with a lender and they are shocked that they can actually qualify (sometimes for more than they would have guessed). Don't let the unknown keep you from moving forward!
2. "I have bad credit"
While this can cause hiccups, it doesn't have to stop you from buying. We have often helped buyers take a couple of months to make some credit adjustments and *presto* they qualify to buy. Sometimes this process can take longer (depending on the credit issues we are dealing with). No matter how long it takes, we are here to help you each step of the way!! One of our greatest joys is seeing a buyer conquer a seemingly impossible task and buy a house!
3. "No down payment"
There are several loan programs available making it fairly easy to get in to a house with little or no down payment. Both FHA and conventional products are available with $0 down!! A traditional FHA loan requires only 3.5% down and traditional conventional programs require as little as 5% down.
No matter what your story is, with a little work, focused determination and time, your dream of owning a home can be very real! The best thing you can do is GET STARTED TODAY!! Give me a call and let's see what we can do to get headed down the right path.
To learn more about my desire to help people read my post here.
Jessica Adams
Realtor
Cannon and Company Real Estate Services
801.518.1806
Wednesday, October 8, 2014
Machu Picchu and Buying a Home . . .
One of my favorite books is "A Million Miles in a Thousand Years", in it, Donald Miller takes you on an eye opening journey that will challenge you to REALLY live your life story. We are talking about a turn off the TV, get off Facebook, experiencing everything life has to offer kind of story. Donald takes us on an excursion to see the famed city of Machu Picchu. I did not know that there are several ways to get to this ancient place. Many travelers will chose to take a bus, train or even fly in, but there are a rare few that choose to make the treacherous hike in to Machu Picchu. This 4 day excursion is not to be taken lightly. Drastic climbs in elevation, fluctuating weather and harsh terrain make this expedition anything but quick or easy. Take a look at the hike itinerary, below . . .
As I have thought about Donald's account of his hike to, and experience in Machu Picchu as outlined in his book, I can't help but make a comparison to so many sweet families and individuals that I have had the opportunity to "hike" with on their journey to home ownership. You see, for many, purchasing a is not an easy loan app, home search and signing of closing documents. In fact, many stories look more like the picture above. Past bankruptcies, divorce, medical issues, bad credit and simply the hard lessons of life can knock us to the ground, leaving us feeling helpless and hopeless to ever realizing the dream of home ownership. I am hear to tell you some great news!! No matter where you have been, what your past looks like, how many mistakes you have made - you too can own a home - if you so desire. The trail to get there may be narrow, steep, long and scary, but with a team of caring experts guiding you through, you can make it!!
My favorite part of Donald's experience hiking in to Machu Picchu is a realization he had once he made it to the Sun Gate, to over look the beautiful ruins. I thought of paraphrasing, but why? He puts it, so perfectly!
"And it was like Carlos said, because you can take a bus to Machu Picchu; you can take a train and then a bus, you can hike a mile to the Sun Gate. But the people who took the bus didn't experience the city as we experienced the city. The pain made the city more beautiful. The story made us different characters than we would have been if we had skipped the story and showed up at the ending an easier way.It wasn't only the pain of the trail that made you appreciate the city; it was the pain of the landscape, steep in the mountains of the Andes, spiraled towers of natural rock, cliffs dropping for a thousand feet to the river."
You see, the path to owning a home looks very different for every person brave enough to start down the trail. In almost 12 years, I can tell you one thing for sure, the ones who conquer the "Inca Trail" of the real estate world swell with a sense of pride and accomplishment that is visible in their walk, heard in their voice and impossible to miss as their eyes beam at the closing table! No doubt that in all of the stories I have been apart of, the most impacting and memorable are the ones are the ones who endured to the end, ensuring their goals and dreams were realized! There is nothing more gratifying in my real estate world than handing keys to a buyer who fought through the mess, climbed to the top and finally . . . owns a home!!!
Whatever your trail looks like, please always feel free to contact me. I take great joy in hiking the steep and rough terrain alongside you!
Jessica Adams, Realtor
Cannon and Comapny Real Estate Services
801.518.1806 (call or txt)
How Does Your Credit Score Affect Your Buying Power?
When you’re obtaining a loan to
purchase a home, your credit score plays a huge role in your ability to
buy. This is common knowledge for most consumers but did you know how
your credit score really affects your buying power?
Most loan programs require at
least a 620 FICO score in order to qualify but the higher your score, the lower
the rate. The lower the rate, the more dollars-per-month you qualify for
and the more dollars-per-month, the higher the purchase price. In short,
you get more “bang for your buck” with a higher FICO score.
With conventional loan programs,
the interest rates offered are usually tiered for every 20 FICO points added to
your score. This means that the difference in an offered rate from a 620
score vs. a 740 score could save a home buyer hundreds of dollars per month OR,
increase their buying power by thousands of dollars in regard to purchase
price.
Other ways in which your credit
score can affect your buying power include how much you’ll be required to put
down on the home and how much your mortgage insurance premium will be (don’t
confuse mortgage insurance with homeowner’s insurance, they are two different
policies but that’s an entirely separate post in itself). On the lower
end of the credit spectrum, your mortgage insurance premium could be
significantly more than if your scores were higher. This alone could save
you hundreds of dollars per month and thousands of dollars over the life of
your loan.
So we know credit matters but
knowing how much it matters and having the tools to improve your credit is the
key to locking in the lowest rate and mortgage insurance premium on your home
mortgage.
Next time, we’ll talk about ways
to improve your scores and in the meantime, if you’re curious to know how your
credit will affect your ability to buy, give Kim a call!
Kim Hendry
Mortgage Loan Consultant
Veritas Funding
NMLS # 288635
CA-DBO 288635
Cell: 801-688-0599
Fax: 801-639-0910
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