It is good practice to keep a handle on your credit, both your overall score as well as the items that are reporting on it. As many as 70 percent of Americans have at least one MAJOR discrepancy on their credit that could prevent them from qualifying for a loan. Inquiring about your own credit has no effect on your score, so doing it often – at least monthly – is a great idea.

Now, on to the tips. Here are six tips that you can start implementing today to help raise your credit score on your own.

1. Pay on time. This may seem trivial but it is the single most important factor that can affect your credit. Even one late payment on a loan can drop your score as much as 30 points. That 30-point drop can be the difference between qualifying and not qualifying so treat it seriously.
2. Correct mistakes in your credit report. Those all-too-common mistakes mentioned above that affect as many as 70 percent of Americans can be easily fixed. If you notice a mistake on your report, you can dispute the inaccuracy directly on the bureaus websites (See Figure 1).
3. Detach yourself from the ‘wrong vendors’. Because finance companies lend to people with poorer credit, the score of a borrower owing money to a finance company can be lower than owing money to a bank or public institution. They can also be much more aggressive at reporting negatively.
4. Reduce balances to less than 50 percent on revolving credit. This one can take some time, and can have a huge impact on your overall score. If you can easily and quickly make a larger than normal payment on an account and reduce its balance to even 48 percent of your overall limit, your score will benefit.
5. Minimize the number of ‘hard inquiries’. Hard inquiries are requests for your score made from credit institutions, insurance companies, and other institutions that you have entrusted with your social security number. These types of inquiries should be kept to a minimum. Two exceptions: inquiries made for a home mortgage count as one inquiry if made within 30 days; inquiries made for an auto loan count as one inquiry if made within 7 days.
6. Pay off collection accounts. Paying off collection accounts may reduce your score in the short run as it brings the negative item ‘recent’. However, your score will rebound even more as the account starts to age again and its status is paid.

Affordability in terms of housing measures your ability to buy. It does this by measuring how much of your gross income is spent on your mortgage. For example, if your gross income was $4,000 a month and your mortgage payment was $800 a month, your affordability index would be 20% ($800 / $4,000).

Why does this matter? If we look at the trend of affordability over time, some very exciting numbers reveal themselves about how truly AFFORDABLE housing is today.

• In 1981, it took 36% of a family’s average gross income to afford the mortgage payment on the average house.
• In 1989, it took 24% of a family’s average gross income to afford the mortgage payment on the average house.
• In 2010, it only took 14% of a family’s average gross income to afford the mortgage payment on the average house.

If you need further proof that owning a home is more affordable than ever, take a look at this comparison of mortgage rates.

The table above shows that even though home prices were nearly half in 1989 of what they are today, the monthly payment on that house was nearly IDENTICAL, due to more than double the mortgage rate. You’re paying the same each month as you did 20 years ago for a home twice the price!

It’s equally as important to keep those hazardous materials from entering our landfills, our waters, and our soil as well. The lasting effects can be, well, hazardous. It’s estimated that every American home has an average of 100 pounds of hazardous household waste. This includes everything from paint and thinners to used motor oil, pesticides, bleach, cleaners and even batteries. Compact Fluorescent Light Bulbs (CFLs) are also considered hazardous waste due to the small amount of mercury they contain.

What Not To Do:

• Pour those chemicals down the drain
• Throw them directly into your trash can
• Leave them outside on the ground for the cans to rust, leak, and seep into the ground

What To Do:

• Take hazardous waste to a local recycling center
• Buy less of it
• Use what you have

Where To Recycle In Utah:

Simply go to www.hazardouswaste.utah.gov for a list of what you can recycle and where. It’s easy and good for the environment!

The Salt Lake Valley Solid Waste Facility is located:

6030 West California Avenue
(801) 974-6922
Open Mon – Sat from 8am – 5pm

There’s also a more convenient location that accepts antifreeze, batteries, oil, and paint only:

Murray ABOP Center
4646 South 500 West
Open Mon – Fri from 7am – 3:30pm

Enter FHA 203(k) rehabilitation loan.

If you qualify for this loan, you can finance not only the current cost of the property, but also the improvements you want to make.  In this loan, FHA uses the projected value of the property with the work completed to determine the mortgage amount loaned.The Terms of the FHA 203(k)

• Most lenders will allow you to loan up to $30,000 to $35,000 of improvements.
• The interest rate is just as low as a regular FHA loan would be.
• All of the funds are combined into one loan.  You don’t have to refinance after you finish the improvements.
• The repairs and upgrades can be completed after you close on the home.

What can you do with the money?

You can make most any repair to the property that does not require plans, consultants, engineers, and architects.  No moving load-bearing walls, no structural damage repairs, no landscaping and no work requiring longer than six months to perform.

Other than that and a few more minor stipulations, you can use the money for most any other project including:

• Repair/replacement of roofs, gutters and downspouts
• Repair/replacement of HVAC systems
• Repair/replacement of plumbing and electrical systems
• Repair/replacement of flooring
• Minor remodeling such as kitchens.
• Painting
• Weatherization
• Appliances
• Exterior decks, patios, porches
• Basement finishing and remodeling
• Window and door replacements
• Septic system replacement

Honesty, it’s one of the best loans I’ve seen in a long time.  What a great way to really put some pride into your new house, while having the money to do it right up front.

If you are interested in doing a loan like this, let me know.  I’d be happy to refer you to a local lender with experience with 203(k) loans.

Original Building Permit for Dakota Lofts

Dakota Origins

The property was originally owned by Aaron Keyser, a prominent real estate investor in Salt Lake City.  From the looks of things, he owned most of the block on either side of 2nd South.  In 1923, the property was deeded to the N.O. Nelson Manufacturing Co.  N.O. Nelson manufactured heating and plumbing supplies as did Mountain States Supply Co. and the Crane Co. in the same area.

Building the Dakota Building

Nelson took out a building permit on May 1, 1923 to build the existing structure for the price of $100,000, although they had been operating in Utah since 1913, working out of 347 W 200 S (now the WestGate lofts).  The company, although never officially incorporated in Utah, operated here until 1956.

The architects were Scott Welsh and Joseph J. Burke.  Incorporating structural materials of brick and concrete, the elements create a grid pattern pleasing to the eye.  Each rectangular unit of grid contains two, twelve-pane windows.  A two-story arcade is created by the curved corners of the concrete members on the second floor level.

Salt Lake Stamp Co.

Dakota Building as Salt Lake Stamp Co.

In 1958, Nelson sold the building and the property to Edwin O. Cannon and William W. Cannon.  Edwin was president of the Salt Lake Stamp Co. which took residence in the building in 1959.  The Salt Lake Stamp Co. made rubber and steel stamps, corporate and notary seals, shipping supplies and much more.

In 1982, the Division of State History notified the Cannon’s of its want to submit the Dakota Building to the National Register of Historic Places.  Based on the National Historic Preservation Act of 1966, owners of properties could reject being added to the register (The register provides opportunities for monetary help with rehabilitation costs but also limits what can be done to the building).  The Cannon’s rejected the nomination two months later.

Dakota Lofts

In June 1996, the property and building were sold to Westside Development Associates LLC who, in 1998, converted the Dakota Building into Dakota Lofts, a 36-unit project with selling prices ranging from $85,000 to $355,000.

To see all active property listings in the Dakota Building, click here for an updated list!

A Non-Disclosure State

While in many states these websites and algorithms can be a great starting point for seller, they are not great in states that are considered non-disclosure states.  A non-disclosure state is a state where the sales price of a home does not or can not be disclosed to the public through the local county’s office.

This happens in two ways:

• The state does not require the home price to be sent to the county at closing.
• The state does not allow anyone but the homeowner (and sometimes an appraiser or Realtor) to access the sales price information that was submitted.

The Problem

Here lies the problem.  Guess where Zillow pulls the information that is fed into their algorithms?  You guessed it, county sales records! Pulling and ‘zestimating’ information in non-disclosure states means the information is neither complete nor correct.

Now let’s take a look at which states are considered non-disclosure states:

Alaska, Idaho, Kansas, Louisianna, Mississippi, Missouri, Montana, New Mexico, North Dakota, Texas, (wait for it) UTAH, and Wyoming.

That’s right kids, Utah is a non-disclosure state.  The information Zillow pulls or receives to tell  you how much your house is worth is flawed kids.

The Solution

If you are thinking of selling your home, or are just poking around on Zillow etc., please make sure you take their information with a grain of salt.  Who should you contact if you want to know your home value?

CALL ME.

Not only can we only use home values in your area 90 days back, but we also need to factor in more than just square footage, bedrooms and bathrooms.  What about that gorgeous kitchen you put in or that nasty bathroom you didn’t?

All I’m saying is use me.  I’m here to be used, k?

Yes, it’s true. Questar and Rocky Mountain Power will give you rebates for putting Energy Star appliances in your home. Most new appliances are energy star rated, you can tell because they have the cute symbol on them which you see to the right.

I have included for you below, what Questar gives you in rebate for the following Appliances. This comes straight off their website and even includes the links for the pdf documents that outline the qualifications. Furthermore, the application to apply is below as well.

Bottom line, click the links, buy the appliances, mail in the app and get the money back.

Below is the table for Questar Gas and their rebates.

Rocky Mountain Power has rebates as well, and many times you can get both from each company. Go to Rocky Mountain Power’s Home Energy Savings website to get more info on theirs.

Important note: Rocky Mtn is changing how they reimburse you for insulation on May 2, 2009. They are reducing how much they give you per square foot. So do it now! Changes are highlighted here.

They have many contractors approved that can do it, many times for near or at the cost of the rebate which makes it, let me see, FREE!

QUESTAR REBATE INFORMATION TABLE OF FREE MONEY-NESS

Of course there are terms and conditions, so read through them here.

To apply for ThermWise Appliance Rebates:

• Print, complete and mail the Thermwise Appliance Rebates Application.

Being an EcoBroker, I was particularly interested to know how the building stacked up in the way of energy efficiency.  Was it using any neat technologies or finishes that helped reduce owners’ cost?

Well, as a matter of fact, it is.  A gem of one I think.

Their Awesome Geothermal System

Westgate lofts is using a geothermal heating and cooling system in its building.  Basically what happens is this: pipes are run down or across the Earth’s surface, anywhere from 10 to 400 feet.  The pipes create a loop.  They are filled with either water or a combination of water and an antifreeze mixture.  Then the water or mixture is pumped through the loop.

In the winter, the water touches the cold air and is cooled itself.  It is then pumped through the system and is heated by the Earth’s natural temperature.  The water comes out of the Earth warmer and heats the space.  In the summertime, the water touches the warm air and is heated up.  It loops through the Earth and is cooled and, when it returns, cools the space around it.  Round and round we go.

Seems so simple doesn’t it?

Savings of this System

Homeowners end up saving anywhere from 25% to 75% in utility costs from doing this.  The typical owner will return his investment in 7-8 years.  A geothermal system costs less than double what it would cost to put in a conventional natural gas furnace system.  That ain’t bad ladies and gentlemen.

Not only are you saving the moola, but you are also being so friendly to Mother Earth.  Usually, heat has to be created using combustible fuels that becoming increasingly scarce and are harmful to the environment.  Not this way!  Things are taken into Earth’s own hands and are done the natural way.

Prices for Westgate range from $259,989 to over $1.1 Million.  If you would like more information about these fine condos, or more information on geothermal technology, send me an email or visit some of these kewl websites.

Guv’ment website on Geothermal Heat Pumps:
http://www1.eere.energy.gov/geothermal/heatpumps.html

Some other blogs on Geothermal Power:
http://wordpress.com/tag/geothermal-power/

Awesome commercially-sized project in Beaver County (go Beav’s):
http://deseretnews.com/article/1,5143,705261308,00.html

There have been some major improvements to the document and I thought it might be informative to talk about them here – mainly how some of these improvements protect you more, as the potential buyer of some Utah real estate.

Don’t worry sellers, we will explore you next!

If you are a Utah home buyer:

1. The contract now automatically includes any water rights for the property.

This may seem like a small one, but if you have ever tried to get Utah water rights you didn’t have, you’ll know how valuable these Utah water rights are.  They can be very costly to get, sometimes impossible.  Each Utah city only gives out a certain number of them, and when they’re purchased and gone, they’re gone!

2. The contract now says that prorations of your Utah taxes, mortgage interest, property association dues, and other costs are now to be prorated as of the settlement deadline.

So when you go into the title company and sign the documents, that’s when you start paying.  Not before, not after.

3. Special assessments having to do with the homeowner’s assocation are now pre-specified as to who will pay for them.

This is a HUGE DEAL.  If you buy a condo, or even a home in a planned urban development (PUD), half the time, the association has levied an additional charge on all of the residents for capital improvements such as a new roof or new landscaping, whatever it may be.  Many times, you as the buyer, don’t know about this until 3/4 of the way through the transaction.  You can now specify who will pay this assessment at closing if one is found so there are no surprises.  Wow!

4. You now automatically get a copy of all association minutes, budgets, and financial statements.

If the homeowner’s association is broke, you may want to reconsider your purchase, or be forewarned of a pending special assessment to help.

5.  Additional earnest money deposits can now be put down halfway through the transaction.

How does this affect you?  Well, if Mr. Seller decides to give you the heave ho and not sell you the property, whatever earnest money amount you put down is the amount you can accept from the seller as liquidated damages.  So, the more you put down, the more secure the overall transaction is going to be.  The great news is you can now break this up.  Put some down at the beginning and put some more down after you’ve done your due diligence and assured yourself you’re not buying a pile of you know what.

So, let’s review five things that have changed in the Utah real estate purchase contract to help you as a soon-to-be owner of Utah real estate.

1. You now automatically get water rights.

2. You don’t pay for the house until you sign for the house.

3. You decide up front who pays for any special assessments owed to the homeowner’s association.

4. You are now automatically owed a copy of all homeowner’s association minutes, budgets, and financial statements.

5. Additional earnest money deposits can now be put down two different times during a transaction.

There are other minor changes that I will always point out during a transaction.  Don’t forget to read the seller’s changes as well.  Everyone will want to know!