Salt Lake City Real Estate Tips, Market Updates and

Local Happenings

By Real Estate Expert KathyOHomes

In order to reduce the number of foreclosures, which have been on the rise recently, Pres. Obama introduced a plan to make homes more affordable. It offers Greater Salt Lake City/Park City homeowners the chance to either modify their home loan or refinance it. They will then be able to get a fixed-rate mortgage at a 2% interest rate. Here are a few major points from the bill that will affect homeowners the most.

#1 - It is no longer necessary to have at least 20% equity built up in your Greater Salt Lake City/Park City home, or the equivalent in cash to be approved for a modification of your home loan. If you have been rejected for refinancing or modification you may now find that you can get an approval.

#2 - This plan permits any Greater Salt Lake City/Park City homeowners, that currently owe more than the value of their home on their loan, the opportunity to refinance their mortgage or modify it.

#3 - Cash incentives are being offered to banks and lending institutions that are willing to help out homeowners in Greater Salt Lake City/Park City that have been caught in the housing market crisis. The approval rate for loans is much higher now, since this plan has been set in place and these incentives have been introduced.

#4 - The owner of the Greater Salt Lake City/Park City home must live in it in order to qualify. Owners of vacation homes and rental housing in Greater Salt Lake City/Park City cannot use this plan unless they reside in them permanently. This is unfortunate because in most cases, when a rental foreclosure takes place the occupants are evicted and must find new housing.

Many people in Greater Salt Lake City/Park City are taking this opportunity to modify and refinance their existing loan in order to save their Greater Salt Lake City/Park City home, or merely as a way to get their finances back in order.

There is a lot of free information available to you about buying, selling or investing in Greater Salt Lake City/Park City real estate. For complete information about the Greater Salt Lake City/Park City real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Greater Salt Lake City/Park City real estate. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

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