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2011-04-19 12:00:01
#1 Barrier to Home Ownership

Today the biggest barrier to home ownership is the mortgage.  Lenders now demand four things from today's home buyers:  1.  Ability to repay (job)  2.  A willingness to repay (credit history)  3.  Commitment to the transaction (down payment)  4.  Collateral.  This sounds like common sense but as a backlash to past poor lending standards, lenders have over tightened their requirements and qualifying has become a true challenge.

If a home buyer is weak in any of these four areas, he or she will have to be stronger in another area.  The lenders who say 'No Problem', that is a problem.  

One closed loan today contains an average of 350 pages and an untold number of signatures, approvals and verifications.  Now new regulation prohibits lenders from getting paid on any feature of the loan.  Going forward it is easy to predict that interest rates will go up.  Even though many buyers have been sitting on the sidelines watching home prices continue to fall, the actual money spent on the purchase will increase when interest rates begin to rise.  


Home ownership will make you rich, but it won't make you rich quick.  Brad Blackwell Executive VP Wells Fargo Home Mortgage

Blog Archive
2016-12-29 10:19:05
Should I call the number on the sign?

2011-06-09 11:34:30
Stats - 25% short sales 6/9/2011

2011-06-04 06:29:24
For Sale by Owner or Hire an Agent

2011-06-02 08:46:29
Stats - Sales, sales and more sales 5/31/11

2011-05-12 12:36:51
First Spring numbers, more homes sold 5/12/2011

2011-04-30 07:32:34
Cheaper to buy than to Rent

2011-04-26 12:17:34
Stats - Short sales on the rise 4/26/11

2011-04-21 13:31:04
Dave Ramsey says 'Use an Agent!'

2011-04-20 20:36:01
Protect and Defend the Mortgage Interest Deduction

2011-04-19 12:00:01
#1 Barrier to Home Ownership

2011-04-18 13:13:34
Happy Tax Day

2011-04-15 07:24:36
Utah #4 in Foreclosures

2011-04-14 14:46:26
Regulators Regulators Regulators

2011-04-13 09:51:27
Stats - Seasonal bump in sales 4/13/11

2011-04-12 08:53:51
Protecting the American Dream. I am in!

2011-03-29 10:09:17
Why Would My Lender Accept Less Than Is Owed?

2011-03-22 08:51:20
Stats - 6600 homes for sale, only 639 sold 3/15/11

2011-03-11 11:10:49
Stats - 1700 New Short Sales Listed 3/11/11

2011-03-01 08:35:41
Sales in Salt Lake County are increasing

2011-02-16 16:19:29
Stats - The year of the Short Sale 2/16/2011

2011-02-09 11:12:27
Stats - 50 per cent Fail 2/9/2011

2011-02-08 06:50:49
Median Shmedian 2/8/2011

2011-02-04 08:57:58
Shadow Inventory 2/4/2011

2011-02-02 15:15:43
Stats so you can sound smart. 2/1/2011

2011-01-27 17:54:30
The Basics of Buying a Home

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