Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Salt Lake City : Real Estate Advice

  • All223
  • Local Info29
  • Home Buying68
  • Home Selling14
  • Market Conditions8

Activity 15
Mon Aug 26, 2013
Marcus Simpson answered:
Hi Craig,

Marc Simpson here with Peak Choice Capital. We are based in Neenah, WI so we are very active in commercial finance in the Midwest and Western.

Peak Choice Capital fills the gap and helps commercial clients achieve high level financing. We are changing the way business capital is achieved and we take pride in the way we have simplified the application process. (No broker chains involved) Our commercial finance is suited for self-employed and private borrowers that struggle with SBLA and typical bank regulations.

What you can expect:

LTV/LTC maximum 60-70%
Loans range from $25,000-$2,000,000
Credit scores will determine interest rates.
Interest rates from 7%-12% (fixed and adjustable options)
Closing within 2-3 weeks
Decisions within 48 hours of submission
No upfront fees or hidden cost
Loan terms- 5-30 years fixed-No ballon

Let me know if you have any questions about our criteria.

Best regards,
Marc SimpsonMarc Simpson
Marcus@peakchoicecapital.com
www.PeakChoiceCapital.com
www.linkedin.com/in/marcsimpsonpeakchoicecapital/
Phone: (920) 267-7682
Fax: 888-920-7420
... more
0 votes 3 answers Share Flag
Mon Aug 26, 2013
Gary Parker answered:
I have not done a lot of these types of loans for myself; however, I know investors that have. You will have the best luck with a portfolio lender (a lender that not only originates the loan but keeps the loan in house rather than sells the loan). Their underwriting guide lines are typically less strict and they will work hard to make it work. Try local credit unions and local small banks. ... more
0 votes 3 answers Share Flag
Thu Jul 26, 2012
Nonexpert answered:
I am in a similar situation, deciding how to go about a buying my first duplex.
After talking with US Bank about the options, it seems that in the last year the rules of the real estate market have changed a bit, I was told that 5% conv loas are no longer offered on multifamily property (now you need 20% min down to quailfiy for a conv loan )

looks like FHA is my only option (as it will get me where i want to be much quicker)

hope this helped
... more
0 votes 4 answers Share Flag
Mon Apr 30, 2012
Mark P Moyes answered:
I second what Trevor has outlined. Keep in mind the cost of your mortgage is relative. Meaning, by all impressions your bank may appear to have a "better rate and closing costs", while they'll take 45 - 60 days to close on your mortgage. On your purchase agreement, you'll likely have a 30 day window in which you have to close on your home. Working with a Correspondent Lender is really the most optimal route. Unfortunately most consumers only know to ask about rates and fees. By not asking the right questions, or not beging given the right advice you could lose thousands of dollars over the life your loan. Simply put, your bank or credit union in most cases are simply a processing center. 9 times out of 10 you'll not even come close to getting the advice you need on a transaction this large.

I'd love to hear your thoughts and also like to give you a second opinion.

I look forward to hearing back from you.

Mark Moyes
NMLS# 267431
801-999-0886
www.loangotoguy.com
... more
0 votes 3 answers Share Flag
Sun Apr 29, 2012
Trevor Curran answered:
I call this the "Corvette In The Showroom" sales technique. Folks pass a Chevy dealer, see the Corvette and walk in to the showroom. They see the beautiful shiny Corvette in the middle of the showroom floor. The salesperson makes a connection. The folks drive out with a brand new---Impala.

The same is true of advertised interest rates. Once the salesperson has made a connection with you and qualified you for financing, the rate changes. It either becomes the same as the local rates you've been quoted or higher.

When you are buying your home, get a referral to a Local Mortgage Banker.

Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.

Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.

As to price---rate and fees---competitive if not better than the BIG BANKS.

You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org

Trevor Curran
NMLS #40140
... more
1 vote 2 answers Share Flag
Fri Feb 3, 2012
Micah Olson answered:
I work with lenders that do FHA 203k all the time. Just make sure that the lender you choose actually does 203k, and does them frequently. Not someone who has them available. I may even ask how many they have done in the last 6 to 12 months (don't expect a VERY high number, as they are not all THAT common, but make sure they have closed several recently). I do a lot of work in the Salt Lake and Utah Counties, and have heard of Justin Coleman. Everything I hear is great. Maybe give him a call and see what you think.

Also BEFORE you get out of your due diligence period in the purchase contract make sure you have the loan fully approved. FHA 203k have certain items they can cover, especially if you are doing a streamline. Just don't lock yourself into a purchase, and then figure out that the loan won't work...

Micah Olson
Keller Williams South Valley
801-805-4900
... more
0 votes 4 answers Share Flag
Mon Dec 5, 2011
Annette Levinson answered:
Bluesea,
I do not know a lender who will give you a HELOC. You may want to consider a FHA cash out at 85% LTV.
0 votes 4 answers Share Flag
Fri Sep 23, 2011
Rudy McDowell answered:
Hi Dodgelake. Shane and Jen's responses are spot on. Your first options should be the lender currently holding your note. That said however, and given my experience w/ banks, brokers, and direct coorespondent lenders, I recommend you consult one of the latter 2. Both's LOs are licensed ( unlike banks' loan officers) and they typically have superior customer services, rates and costs, and close quicker. Good luck. ... more
0 votes 3 answers Share Flag
Tue Aug 30, 2011
Peter Reiter answered:
I'm going to skip the first part of your question since the mortgage people have answered it quite well, but to answer your second question the market is still experiencing a downward trend, although only slight. I just did a blog post with the latest prices which are almost even year over year, with the greater avenues area up a little bit. I mainly focus on downtown Salt Lake so that's the market I am most knowledgeable in.
Keep in mind that government stimulus has poured trillions into the economy lately which is inflationary, so even slight price increases can be seen in a declining market if the nominal appreciation is less than the rate of increase of the monetary base, it can be very hard to analyse the market in these "stagflation" situations. Anyway the link to the latest stats is below.
... more
0 votes 6 answers Share Flag
Fri Feb 25, 2011
Justin Coleman answered:
What country are you in? Why does this matter? If you are working in say Britain.....it will be quite simple as the income reporting is quite similar to ours....no if you are in Bangalore....that is a different story.

Either way, if you are a U.S. Citizen it should be easy to document your income....start keeping everything that relates to income and deposits from foreign sources and keep them in file for your return to the states. This will ease the pain of trying to document your income.
... more
1 vote 3 answers Share Flag
Mon Aug 24, 2009
Thomas Wright answered:
I would love to send you a comprehensive relocation package about the Salt Lake City area. If you send me your address I will get that right out to you.

Sotheby's would love to help you relocate to Utah....I hope you give us a try.

Thomas
... more
0 votes 9 answers Share Flag
Tue Jul 21, 2009
Tom Winand answered:
Pat,

This is very sad. The good news is you can challenge any derogatory entry on your credit report. That goes for any item that would have been included in the identity theft. This process takes 45 days to complete and is best done through the mail. The better news is, I can assist you with this process as part of my working with clients I coach many on credit repair. I provide you all the resources and materials free for my clients that want to buy a home. My extensive background in mortgage brokering and lending have given me a great expertise in this. If you going to use the first time home buyers tax credit you have to get going now. That credit only applies to closed home by Nov, 31, 2009. If you don't have a current credit report go to the links below and do the following.

1. https://www.annualcreditreport.com/cra/index.jsp Get a copy of your credit report every year free form the credit repositories. Don't be scammed by the guys that sing about a free credit report this is the real site. don't worry about your scores for now that will come later after the negatives are removed.
2. www.optoutprescreen.com You need to do this because if you get a credit inquiries it can extend the time the credit reporting agency have to answer the dispute by adding an additional 15 days. You don't what that. It will usually add 3 to 5 points to you score to be opted out. You can opt back in later if you want.

After you get that done call me and we'll get you on your way to get a home. You can call or email me or better both and I can help you get the challenge letter off. We should be able to get this handled in 45 days and get you to buying a home at the great prices we have here and get you a tax credit if you qualify.


salt lake homes for sale
... more
0 votes 2 answers Share Flag
Sun Mar 1, 2009
Kathy Fuhriman answered:
Yes there are 100% loans available if you live in a Rural area. The Dept of Agriculture has a rural housing loan if your FICO score is over 620. Check their website for eligible areas. http://www.rurdev.usda.gov/rhs/
Only approved lenders can write Rural Housing loans, so check with your lender to see if they provide this loan product. Any home in Box Elder County qualifies for the program.
... more
0 votes 8 answers Share Flag
Mon Jan 19, 2009
Matt answered:
You pretty much just spelled out my exact plan. Just like you said, I figured I'd take a bath on the townhouse, but I've looked at the new homes I want to buy and they are just a steal. I really don't want to miss this opportunity given that the market really hasn't been like this in oh, what? 20? 25 years?

Quick question: that "note" you were talking about - in order to pay the mortgage company the balance? Is that the same as a short sale, or is that something entirely different?
... more
0 votes 7 answers Share Flag
Search Advice
Search

Followers

174