Stemming Mortgage Fraud

Currently Utah already regulates the lending industry with background checks, prelicensing education, testing and enforcement actions against unscrupulous practices.

In October 2007, in an effort to stem mortgage fraud in our state, Governor Jon Huntsman and the U.S. Attorney for Utah, Brett Tolman formed the Utah Mortgage Fraud Task Force. The task force is a joint effort between Federal, State and Local Governments that meet regularly to plan and implement a program for stemming mortgage fraud in our state.

Now Congress is stepping it up in Title V of the Housing and Economic Recovery Act of 2008 by creating the S.A.F.E. Mortgage Licensing Act of 2008 that requires a more coordinated effort among states to regulate mortgage loan originators and requires those getting their lending licenses to meet minimum federal standards.

So far from what we know about these actions we think these are steps in the right direction.

Perceptions

Is It Time to Refi?

Mortgages rates plunged to record lows recently and you may be asking yourself if maybe you should refinance?

Each persons situation is different and factors such as how much equity you have in your home, your debt to income ratio, your credit score and tighter credit and lending standards will determine which rate you will qualify for. But if you do qualify for the lowest rates, the savings could be quite substantial.

It's probably not a bad idea to talk to a trusted mortgage lender to see if it will benefit you or not. We have worked with hundreds of lenders over our thirteen years in the business and can recommend quite a few excellent lenders who know their stuff. If you would like a few recommendations then we would be happy to assist you with that.

Santa Baby

While listening to this holiday classic, we suddenly realized that among some of the other things she asks for is real estate. . . we think that's grand!

Santa cutie,
there's one thing I really do need,
the deed,
To a platinum mine.
Santa cutie,
and hurry down the chimney tonight.

Santa cutie,
and fill my stocking with a duplex and cheques.
Sign your x on the line
Santa cutie,
And hurry down the chimney tonight.

Is real estate on your list? Don't forget, first time homebuyers can use the $7500 tax credit, the Utah Housing grant program is still available for first time homebuyers and the market is ripe with investment opportunities! Contact us to get started!

NAR's Proposed Four Point Plan to Stimulate the Housing Market

It's no secret that the housing market is a huge factor in our current economic woes. Recently the National Association of Realtors Board of Directors approved a proposed plan to stimulate the housing market and is currently urging congress to include these points in any future legislation.

What's in the plan?

"Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.

Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

Permanently bar banks from engaging in real estate brokerage and management. The banks have proved they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases."

What do you think? While we realize it is a complex issue, is enough being done to facilitate a housing recovery?

Salt Lake City Among Family Friendly Places to Live

Salt Lake City was named among Forbes Magazine's Most Family Friendly Places to Live. By family friendly, they mean where average people earn enough money for their expenses typically with money left over for other things as opposed to the cities on the Least Family Friendly Places to Live whose average cost of living eats up most of their earnings.

The 10 Most Family Friendly Places to Live include:

San Jose, CA
Austin, TX
Kansas City, MO
Salt Lake City, UT
Baltimore, MD
Detroit, MI
San Francisco, CA
Seattle, WA
St Louis, MO
Chicago, IL

The 10 Least Family Friendly Places to Live:

Virginia Beach, VA
Providence, RI
Las Vegas, NV
San Diego, CA
Cleveland, OH
San Antonio, TX
Los Angeles, CA
New Orleans, LA
New York, NY