Turn your water off!

Turn your water off before going on vacation!

Do you know where your main water shut off valve is in your house?  Is it accessable?  Have you turned it off lately?  Does it turn off easily or do you need to always go and get tools to get it to move? 

All of these questions are warming up to, "why it is important to know where our main water shut off valve is in our home?".  Knowing and doing the following can prevent what happened in the photo to the left when this cute family went on vacation!


Summer time is vacation time! And so is water damage caused by not taking some precautions before going on vacation.  The top insurance claims relate to water damage and the top 3 are:

1. Washing machine valves and hose failure (I learned my lesson to ALWAYS do this in 1986 when we went on vacation and I didn't shut my washing machine valves-above the washing machine-off.  The hot water hose burst and when we came in the front door after our wonderful week away from home, the home humidity felt like a sauna!)
2. Reverse Osmosis drinking water system-older lines break 
3. Sink or toilet valves breaking or leaking

Before you go on vacation this year, turn your main water valve off, it's usually located in your home.  If you can't find the valve or don't want to turn the main water off, in order to avoid a "sauna surprise", turn your washer hot and cold hoses off and turn your gas water heater thermostat down.

When you get back from vacation and you are all rested up, check your sink or toilet valves and make sure they aren't leaking or are corroded. Nothing worse than water damage and having to make an insurance claim!  :(

Tips for homebuyers in a changing market

The real estate market is changing!  Home sales are rising, properties are selling faster and home prices are going up!

I read and appreciated Shawn Janke's (President of Northern Wasatch Association of Realtors) article in today's Standard Examiner Homefinder section. In his article, Shawn provides tips for homebuyers to follow so that they will have success in today's real estate market.

I have taken the 5 Tips in the article and added my own personal experience and comments to help homebuyer's be successful in today's market.  :)

Tip 1: Get Pre-Approved for a mortgage-I have written many blog posts that tells of the value of a FULL credit approval letter.  A FULL credit approval is backed by a full application, credit report and an automated underwriting decision (AUS).  I provide a FULL credit approval letter to my clients at NO CHARGE and this puts their real estate offer at a significant advantage when submitting an offer!

Tip 2: Do your research-With market knowledge and the competitiveness of the buyer's for the home you want, the homebuyer can then gauge how quickly they will need to move on a listed property.  Budgeting for future payments, types of loan programs available to meet financing needs and payment size are things that I review in detail with all of my clients.

Tip 3: Be ready to compete with other buyers-I see larger earnest money deposits recommended by Realtors I work with because it gives the seller and the listing agent a loud and clear message: "I am a serious buyer!".  I have even seen NONREFUNDABLE earnest money offers drive down the sales price too.  Gutsy to put in a non refundable earnest money offer, but it works to get a lower price in some competitive situations!

Tip 4: Be ready to act quickly-as mentioned in Tip #2, as your do your research and work with a professional Realtor, you will recognize "this is a good deal".  When you know it is a good deal, be ready to make and offer right away!  Make sure that your Realtor knows your search criteria and when they notify you of a home coming on the market that meets your criteria, look at it immediately and if the home meets your needs, make the offer!

Tip 5: Try finding homes before they're listed-make sure you mention to your Realtor to let you know if they know of any homes that are about to come on the market.  Sometimes, Realtors get tips from other Realtors they network with or who are in their Real Estate office/company and this can turn out to be a great way to find your perfect home!

Today's Real Estate market is a wonderful opportunity!  With great mortgage rates, depressed prices (which are now beginning to climb) and motivated sellers, working with your homebuyer tool kit (the 5 tips!) will give you the best chance of success!  I look forward to helping you with your mortgage questions and needs.  :)

Automatic Mortgage Relief for VA borrowers!

The Federal Housing Finance Agency announced that members of the military who face transfer and are underwater on their mortgage-meaning they owe more than the market value of their home-will automatically be approved for short sales.

In addition, the loan guaranteed by Fannie Mae or Freddie Mac (a requirement for the short sale relief) will not pursue any balance on the loan that's left over after the short sale.

"It is in everyone's interest for the men and women serving in our armed forces to focus on the important job they are doing defending our country, rather than worry about the maintenance and leasing of a property in another jurisdiction," said Edward J DeMarco, acting director for the FHFA.

How to win a bidding war

How to win in a bidding war!

The latest Board of Realtors report released yesterday shows a 12.8% year over year increase in homes put under contract and a 4.1% month over month increase for the largest monthly gain since 2006.

As home buyer's enter the real estate market and find tight inventory in their price range, multiple offers are the norm for the past 30 days of activity in my experience.  The current multiple offer environment we are in is not creating extra revenue or profits for the seller's, but it is creating disappointment for buyer's who are not able to get the home they are bidding on.

Tips for buyer's to win in a bidding war are:

1. Make sure as a buyer you are well prepared-a FULL credit approval letter (backed by an application with your lender, a credit report and credit analysis, and an automated underwriting approval) in hand, is a must.  I am receiving phone calls from 80% of listing agents asking if the letter of approval is backed by these things. 
2. What does the Comparative Market Analysis (CMA) tell you?  A Realtor Professional will provide guidance to the buyer on how the home price stacks up against similar homes in the general area the home is located.  Fight off emotions until the offer is accepted.  During negotiation, keep your negotiations on an investment level, emotionally.  Facts and guidance from your Realtor will help you keep your offers realistic.  
3. Don't be afraid to win the bidding war!  After you have successfully won the offer, your next step is to get the home checked out by a professional home inspector.  I am finding that 90% of home purchasers are paying the small price ($250-$500) of a professional home inspection to make sure this is the home they REALLY want.  There are financing and appraisal dates in the accepted contract that allow the buyer to exit the contract if they find the home isn't really what they wanted.  

Time to start shopping for a home purchase

April 25, 2012:  "For people who have been waiting to time their home purchase close to market bottom, it's time to start shopping. When the bottom will hit will vary by market, and it's nearly impossible to time a purchase exactly right. But home prices are not the only part of the equation. Buyers also should take into account the possibility that rising mortgage rates could offset any further home value declines that may occur."

Zillow Chief Economist, Dr. Stan Humphries

HARP 2.0 Update: Roll out of AUS coming in April!

HARP 2.0

April 3, 2012 HARP 2.0 Update: The middle to the end of April is the new time frame which has been given for the roll out of the Automated Underwriting System (AUS) update and for investors to update their guidelines. 

When I receive these two updates, I can begin to take applications and help homeowners who qualify for the HARP 2.0 loan.  :)

Call me at 801-540-5108 if you have further questions.  

We had a great experience, Marty is very easy to understand! Loan Closing March 14, 2012

Thank you very much for all your help!  We had such a great experience because Marty is very easy
to understand!  I would recommend my friends and family to Marty and appreciate
all the hard work you folks have done for us!
Dave and Michelle Hancock

9 in 10 homeowners unaware of HARP

With over 20% of mortgages underwater (owing more than their home is worth) it's surprising to think that 9 in 10 homeowners are unaware of either HARP 1.0 or the HARP 2.0 refinance programs.  Click here for details of the recent study: Most American's unaware of HARP

Those who subscribe to my Blog or Facebook Fan page (Mortgages with Marty Facebook Fan Page) are aware of the value of the upcoming HARP 2.0 program.  Click here for more details on HARP 2.0:  HARP 2.0

Additionally, with the FHA no cost streamline refinance available and now the VA Interest Rate Reduction Loan (IRRL) changes which did away with the need for a current appraisal (which is the same as the FHA streamline no cost loan refinance loan).

Whether a homeowner needs help with refinancing their underwater home with a:

• Conventional Loan (HARP 1.0 or HARP 2.0), 
• VA (IRRL), or a
• FHA (Streamline NO COST), I have 3 great refinance options available to help underwater homeowners!

HARP 2.0 Update: March 1, 2012

March 1, 2012  UPDATE on the HARP 2.0 program:  Fannie Mae and Freddie Mac have named the date of March 19, 2012 when they will be rolling out their respective Automated Underwriting Systems (Fannie Mae Desktop Underwriter and Freddie Mac's Loan Prospector). 

Product guideline updates (from my 12 investors) are also expected from the middle to the end of March and that will be the time frame I can begin to take applications for the HARP 2.0 loan.  :)

I have found from my conversations with those who have contacted me that over 90% of HARP 2.0 eligible homeowners can lower their rates by more than 1% and the average current rate of those needing help is in the 5.875% to 6.5% range.  This program is going to help many homeowners who have been on the sidelines and not able to take advantage of great refinance rates available this past 3 years.   

Another noteworthy item is that over 85% of those who have called me are underwater (their homes are over 100% loan to value).  The current loan to value needs to be at least 80% loan to value to be eligible for the HARP 2.0 loan and there are NO loan to value limits (my highest loan to value to date has been 200%).

Quick Overview of HARP 2.0: The loan must be currently insured or owned by Fannie or Freddie and 2nd homes and investment properties are also eligible. If the current loan doesn't have PMI, it will not be required on the new loan, regardless of the current loan to value.  If the current loan has PMI, the new loan will be "re-insured" and will also have PMI.  2nd mortgage holders (Home equity loan or line lenders) so far to date, have agreed to subordinate (remain in 2nd position) to a new HARP 2.0 loan for those homeowners who have contacted me.

Call me with additional questions and I look forward to helping you this month!  It looks like it is finally almost here!  :)

The closing was especially quick! Loan closing on February 24, 2012

Marty, we always have a great experience with you! 

You called us so we could save money by refinancing, the closing was especially quick and you gave us excellent updates and feedback on where we were in the loan process. 

As always, everything went smoothly and we thank you again for taking care of us!

Jesse and Jessica Rowe

Closing February 24, 2012

GREAT rate and low closing costs! Closing January 24, 2012

Trevor Price, closing January 24, 2012

Marty was professional and efficient and he is always able to understand what our loan needs are.  

He found a loan that perfectly matched what we were trying to accomplish!  

Marty helped us in 2008 and we called on him again to help us because of his ability to quickly process our needs and close our loan (and at a GREAT rate and low closing costs!).   

Thanks Marty!