Daybreak, Utah News - Help Now

Getting Your Finances in Order: To-Do List

Sometimes there are questions about how to get someone’s finances ready to purchase a home. Here are a few of the ideas I recommend to people who may be in a bad situation, or just want to manage their money better.

1. Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.

2. Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net…

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Utah Housing Market

This month's news may sound familiar, but there are some significant changes to the housing market that may affect your real estate decisions. The big news from last month's NAR statistics is that Inventory is low. If this sounds familiar it's because inventory has been steadily declining for the past two years. From February 2011 - Feb. 2012 the number of homes on the market in Salt Lake County has been more than 10% LOWER than the number of homes on the market the year before. Starting in March 2012 that number dipped to 30% lower and stayed there for a year! In the past few months things have started to change.

  [caption id="attachment_3038" align="aligncenter" width="300" caption="See Utah's Current Housing Statistics Here"][/caption]

Since…

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New Home Loan with No Mortgage Insurance!

You may recall the recent changes to FHA financing that require you to pay your Mortgage Insurance for the duration of the loan. FHA financing is still appealing because of the low down payment requirements to get the house. However, if you don't like the idea of paying around $50K in Mortgage Insurance you are still in luck.

Utah Housing has announced a new loan program called the "No MI Risk Share Loan." This is a conventional loan that only requires a 3% down payment. Check out their current rates HERE. If you are interested in the program contact a qualifying lender to lock in your rate. A lender is the best source for relevant and reliable information about this loan product.

For those of you who need to research things on your own here are…

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Loan Types to Consider

Brush up on these mortgage basics to help you determine the loan that will best suit your needs.

Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms. Usually the longer the term the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.

Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how…

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What Mortgage Can YOU Afford? The answer may surprise you...

mmKnowing what you can afford it a big part of buying a home. Your may be surprised to find out what size of a home you can afford. Especially with the low rates, grant money, and 100% financing options! Here is a little tool you can use to calculate how much of a mortgage you can afford.

The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this simple calculation to figure out how much mortgage you can afford.

Multiplier: x 1.32

Mortgage payment: _________________________

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Daybreak Parade of Homes

The Salt Lake Parade of homes is in full swing and Daybreak is well represented. Daybreak has 8 homes being featured in the parade this year. Check out this quick glimpse of some of the homes here:

Time is running out to see the Parade of Homes. You only have until August 17th to view all of these beautiful homes.

Like my Facebook page for opportunities to win free tickets. If you don’t want to push your luck, you can also save $3 by purchasing your tickets at SaltLakeParade.com!

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Salt Lake Parade of Homes

There is only 1 week left of the Salt Lake Parade of homes. If you haven't been out to see the homes, time is running out. You can like my Facebook page for opportunities to win free tickets. Or you can save $3 by purchasing your tickets at SaltLakeParade.com!

Watch a preview of some of the homes here:

The parade started August 2nd and continues until August 17th. The homes are open daily from 12:00 pm - 9:00 pm.

Click here to see a map of the parade.

Check out our guest blogger's review of the Rochelle in Sandy (#7)

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Amazing Homes for Sale in Daybreak

Are you on the hunt for homes for sale in Daybreak? If so, you’ve made a great choice. Daybreak is a beautiful community, and it’s the perfect place to call home! But if you’re serious about buying one of the beautiful homes for sale in Daybreak, it’s time to get serious. The median price of homes for sale in the area has been rising steadily over the past year, while each home has been spending less and less time on the market. That’s a red flag! But don’t worry – if you get pre-approved for a loan and you work with an experienced real estate agent, you can still find that perfect home in record time… for a great time!

If you’re looking for homes for sale in Daybreak, you should definitely check out this fabulous listing.

This…

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10 Questions to Ask Your Lender

When you are ready to purchase a home there are some important questions that you should have answered by your lender to ensure that your mortgage is right for you. Here is a list of 10 key questions you should have answered by your lender before you buy.  

10 Questions to Ask Your Lender

1. What are the most popular mortgages you offer? Why are they so popular?

2. Which type of mortgage plan do you think would be best for me? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you…

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Home Design Tips from Parade of Homes

My name is Lindsey, and I had the opportunity of attending the Salt Lake Parade of Homes, thanks to UtahDave.com!  I wanted to share with you some of my favorite features that builders and designers are incorporating into new home construction and design.  It's always fun to see all of the creativity and variety to get your own wheels turning about what you can do in your current home or how to plan for the next!  These ideas are fantastic ways to open up a space, enhance efficiency and create a more cohesive home taken from this year's Parade Entry #7 by Hard Rock Homes.  If you have a chance to attend the Parade, I personally encourage you to do so.  For discount tickets, go to http://www.saltlakeparade.com/) or you can follow UtahDave.com on Facebook…

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