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Archive for February, 2010

Mortgage Rates Climb this week! Interest rates went up this week…

Posted by spencerjanke on February 25, 2010

Ok, so I hate to say I told you so. But, I TOLD YOU SO!!! Interest rates climbed 4 basis points this week. Making the average on a 30 year fixed mortgage 5.15% . So all of you who have been saying, “no, interest rates won’t rise.” You were wrong. Last week, I took a lot of flack for saying when the fed raised the bank rate, that interest rates would immediately follow. I was schooled by a few professionals who informed me the bank rate has nothing to do with consumer rates? Duh, I know exactly what the bank rate is. And I also am a fan of history. So if you look back consumer interest rates always go up after the bank rate goes up.

Interest Rates are on the RISE

So, I am now writing this post to say I told you so.. We all knew interest rates wouldn’t stay as low as they have been forever right? I mean the whole inflation aspect which I don’t even want to get into is another issue. But, people need to realize at some point we are going to start having to pay for all the spending we are doing as a country. One of those ways is by raising rates. Companies will make more money, they can pay more taxes. It is a gigantic cyle, what goes up must go down. Now the thing the media doesn’t want to tell you , because they love to instill fear the society. What goes down, must go up! So, once again I am going to take the standpoint of we are in for a pretty rock road for the next 6 months. But then, I am going to go out on a limb and say we will see an uptick.. Just my opinion.

Now, really fast we need to express the interest rate situation.

  1. Interest Rate went up this week
  2. Interest Rate’s are going to keep going up.. How much? I would say a full point. I wouldn’t be surprised to see interest Rates in the 6% range this summer
  3. Tax incentives are up in April…
  4. Home values for affordable housing are at their low in majority of locations.
  5. Act now, or you will be upset in 6 months, and I will be telling you I told you so again..

I would love to hear your opinion about Interest Rates, so comment email or whatever..

Also if you are looking for a great deal in Utah.. Check out the free list of Bank foreclosures in UTAH

Bank Foreclosure in UTAH


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Fed Raises Bank rate.. Will interest rates follow? INTEREST RATES ON THE RISE?

Posted by UtahCribs, Real Estate, Homes on February 19, 2010

So I am sure many of you have heard the news. The fed announced this morning they are raising the Bank Rate. IF you would like more info on what does that mean, check out this site

What is the Bank Rate?

Do I agree with this article compeltely? No, I don’t. I think just the opposite, I think this means we can expect the Consumer Rate, or interest Rates to follow in the footsteps of the bank rate. The fed also announced they are going to discontinue the purchase of mortgage backed securities. What do you think that is going to do to the market? Don’t you think that will effect the bond market? In turn interest rates will go up..

Interest Rate are on the Rise!

So many people are trying to interpret what this means? Well I am obviously a part of that crowd, but I think in more realistic terms. It is reality they will go up, its just a matter of time.

So for you first time home buyers, take advantage of it now, get a low interest rate, get a tax credit, take advantage of the gluttony of homes on the market…

Utah Bank Foreclosures

Posted in Economy Update. | Tagged: , | 1 Comment »

Your Credit Score effects your Interest Rate.. News on Current Interest Rates

Posted by UtahCribs, Real Estate, Homes on February 17, 2010

When it comes to interest rates, one of the biggest questions I get from buyers (First Time Home Buyers), is what effects the interest rate a bank will give me? Great questions, banks look at several different factors when determining someone’s elegibility to receive a loan.

One of the biggest factors is your Credit Score.

Credit score and interest rates..

If you have a credit score under 620, good luck getting a loan. And if you get a loan, your interest rate will be a lot higher than the average..Your DTI will be the next factor in getting a loan. DTI? Debt to Income Ratio. This means, how much debt do you have and are obligated to pay on in relation to how much money you make.

Another factor is job history, if you are someone who changes jobs often and has not been with one employer for a significant amount of time. Most banks will look at you as a risky buyer. There are many other factors effecting the loan approval process, if you would like more information please let me know..

Posted in Real Estate Deals | Tagged: , | 1 Comment »

Funny Economic Cartoon for your Friday, Enjoy

Posted by UtahCribs, Real Estate, Homes on February 12, 2010

A good laugh for you on your Friday, have a good weekend..



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Timeline for the Homebuyer Tax Credit, clock is ticking on the New home tax credit..

Posted by spencerjanke on February 12, 2010

The clock is ticking on the Homebuyer Tax credit. A lot of buyers want to take advantage of the tax credit, however time is not on your side.. There are a few things every buyer should be aware of..

  1. In order to actually qualify to recieve the tax credit, you need to be under contract on the property before April 30,2010
  2. The obvious, buyer need to be pre-qualified with a lender, can you get a loan?
  3. Remember FHA premiums are going up April 2.. If you do not know what this means talk to a professional. It will effect the majority of you.

Great article explainging the Timeline

NOw, you need to make sure you get out there and find the house you all are looking for.. If you are in the market for a deal as most of you are.. Take a look at your local Bank Foreclosures, they have some great buys right now.. Contact a professional in your area to help find that list..

Bank Foreclsoures in UTAH

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5 questions for the First time home buyer in UTAH

Posted by spencerjanke on February 10, 2010

5 questions for the First Time Home Buyer

  1. How much can I afford? – You need to get a loan officer and figure out the financing before you even think about what type of a house you want.
  2. What are my other housing costs outside the loan? – Often times buyer don’t realize there are other costs associated with actually buying a home.
  3. What do I need in a house or home?- Fundamentals that will fit your situation.
  4. Will this house fit my long term goals?
  5. Am I truely prepared to be a home owner?- What does it really mean to be a home owner?

These are just a few questions every First Time Home Buyer should be asking themselves. You need to get a professional in your area that can help you with answering these questions..

I am constantly getting asked about the market, and where do I find the best deals.. So if you are a first time home buyer in Salt Lake City Utah, here are a few resources for you ..

Best Deals in Salt Lake City Utah

Free Bank Foreclosures in UTAH

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What will happen to Real Estate in 2010? Interest Rates 2010? Incentives, tax credits?

Posted by spencerjanke on February 8, 2010

What a crazy time we live in right now.. Every sigle day I am having these conversations with different people about what is going to happen. I will be the first one to admit, “I don’t Know.” How can I possibly predict what is going to happen in the Real Estate Market in UTAH? I am a market expert in My local Salt Lake City, UTAH area! But does that mean I can predict what is going to happen? Can I determine what will happen when Interest Rates go up this Year? Can I predict how the markets will react when the tax incentives expire on April 30th? NO, I can’t.. I can tell you what I am going to bet will happen. But it is just the opinion of a local Real Estate Broker in Salt Lake City, UTAH.

I think we are in for another up and down year, and I will tell you why?

Market Update, interest rates, and tax incentives

Bottom line people, is that as a society we can not afford to keep giving money to people to buy things. IE…. Tax incentives are not going to be around after this spring. The rule says, be under contract in a new home by April 30, 2010 and close by June 30, 2010. Or you will not qualify for the tax credit… If you have questions about it, call me or email me and I will help you out.

Now Interest Rates? You would be blown away at how many people are interested in this subject, the affordablity of a home is tied to your interest rate. Do I think they are going to go up? Yes, Interest Rates are going to go up, I don’t care what you think or why, bottom line interest rates will have to go up in 2010

Ok, now the last thing. Bank Foreclosures in Utah. Do I know where a list of Free Bank Foreclosures in Utah is? Yes I do, all you need to do is go to this website and sign up, they will simply email you a list once a week of the new Bank owned homes in Utah, Check it out easy..

FREE Bank Foreclosures in UTAH

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Mortgage Interest Rates climb.. Interest Rates rose today..

Posted by UtahCribs, Real Estate, Homes on February 4, 2010

If you are contemplating buying a home in 2010 you have a lot more to worry about than just rising interest rates. Yes interes rates are going up, however there are all sorts of other reasons to act now.

Buy a home in 2010 before interest rate go up

There are 4 main reason’s to get out and buy a home today.

1-Fed Deadline -Fed says it is going to stop buying mortgage backed securities by march..
2-FHA Premium Increase – FHA premiums are going up to 2.25 % of the purchase price of your loan.
3-Home Buyer Tax Credits – In may the Tax credit incentives are going to expire
4- Interest Rates.- Interest rates have been consistently going up.

Interest Rate Updates

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Upside down in your home? Salt Lake City Utah Default Homes.

Posted by UtahCribs, Real Estate, Homes on February 3, 2010

It is a commons situation to be in considering todays market. A lot of home owners owe more than their properties are worth.. If you bought your home in the peak of the market, and you did 100% financing. Statistically you are under water.. What do you do?

If you are under water in your mortgage.

Make sure you learn everything you can about your situation.. Some people are just walking away. Is that the best decision? Upside down in your home in Utah? Call us and we will help you learn your options..

Salt Lake City Real Estate Experts

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Interest Rate News. Interest rate predictions.. Up to date news about Interest rates

Posted by UtahCribs, Real Estate, Homes on February 2, 2010

So we all have been watching with intensity about the debacle over interest rates. I am going to try and continue to keep people informed on what is happening with interst rates on a daily basis. You see so many different opinions it is hard to decipher what is really going on.. Not to mention, reading these articles at times makes you feel you need to go back to college, or get out a dictionary to help you know what you just read. So if you have any questions about interest rates, and what will happend to interest rates give me a ring, you can call or email me any time.. Spencer Janke 801-671-7877 spencer@utahcribs.com

Interest rate predictions for 2010

This article is great for prediction in the near future.. The big discrepency between when they will rise is at the center of the debat. But everyone is in agreement that they will go up… Just a matter of when..

Another great article to read, and for that matter a website to continue to check on what is happending is bankrate.com

Check out bankrate.com

This is a great website to breakdown the daily news of the market. It has really helped me understand the news we are hearing.. Hope this helped..

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