Monday, January 31, 2011

Not Everyone Should by a house.

We'd all like to live the american dream by purchasing a home.  The simple fact is, not everyone should be buying a home.
Here are some factors to consider when making a move. Reasons to rent: 
• Staying five years or less.
• Low upkeep costs.
• A way to try a neighborhood before buying.
• Security deposit and upfront rental fees are much lower than a mortgage down payment and closing costs.
• No risk of foreclosure.
• No property taxes. And no home insurance, although you need personal property insurance.
Reasons to buy: 
• Mortgage rates are still low, and in many cities home prices are a bargain. (It now is more affordable to buy than rent a two-bedroom home in 72% of the nation's 50 largest cities, says, a real estate search engine.)
• Tax benefit in the mortgage interest deduction.
• Equity will start building when the market rebounds.
• Intangible benefits, such as a place to raise a family. The ability to paint and make other changes unless bound by home association rules.

Monday, January 24, 2011

Is your Loan Officer Legally giving you advice?

"According to the Utah Division of Real Estate, 2010 began with 9,027 mortgage licensees. Only 5,200 of those licensees transitioned onto the database by the May 31, 2010, deadline. Of the 5,200 licensees in the system, only 2,000 have requested renewal and met requirements."

I'm a Licensed Associate Lending Manager here in the state of Utah. I take great pride in running an honest business, and educating each and every client on how to improve their overall quality of life through home ownership. This article simply shows you we're going through a cleansing process in our industry which is well overdue.

Please reach out to me if you have any lending questions, and or real estate needs.