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REX Real Estate Blog

Budgeting for buying a home can be difficult enough when you're just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of them are one-time expenses that you'll pay during the home buying process, while others will be recurring costs for as long as you own the home.

Closing costs

There are several smaller fees that add up to a rather large sum when you're going through the closing process-loan fees, attorney fees, underwriting fees, and more. They typically add up to 2-5% of the purchase price. For a $300,000 home-roughly the national median-that's in the neighborhood of $10,000, so be sure to budget for it.


Your lender will require an appraisal, and the

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What is a mortgage?

WATCH THIS VIDEO! Mortgage must-knows before you head out to find your new home. Read full post to watch video now!


Ready to get a mortgage? Get Pre-Qualified Now!

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Gorgeous Townhome with Lake View in West Valley City, Utah!


Located in Arbor Square within Highbury Community | Lake View | Walking distance of shopping centers, restaurants, movie theater, parks, golf courses & lakes | Easy Freeway Access | Bright & Open Modern Concept | Vaulted Ceilings | Large Open Kitchen | Newer Wood Floors | Upgraded Carpet | Looks & Feels Like New Home | Carefree Living w/ Lots of Amenities. Buyer to verify all information.

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Thinking about buying your first home, or perhaps upgrading from your current place? Thanks to the current economic climate and game-changing technology in the housing market, now is the perfect time to take the plunge.

Low interest rates
Lenders are giving buyers mortgage rates that are extremely enticing—you can get a mortgage below 4.0%. There’s a good chance these are the lowest mortgage rates we’ll see in a long time, which means affordability is at a high.

Prices are on their way up
Mortgage rates may be low, but housing prices are getting higher and higher because of demand—prices increased 5.1% year-over-year in November 2015. If you’re thinking about buying, delaying a few years could lead to a higher purchase price, or getting less home

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When I bought my first home in 1996, mortgage interest rates were around 8.5%, and at that time that was considered a very good rate, one of the lowest it had been in over a decade. I still remember that feeling of hope and anxiety when it came time for me to lock in my interest rate, I felt like a gambler standing at the roulette table as the wheel is spinning, trying to decide on whether to place my bet on black or red just before the dealer waves his hand and says, no more bets as the ball starts slowing to begin its descent to determine the outcome. I was able to lock in my rate at 8.25% and felt like I had hit the jackpot!

Fast forward to 2016, mortgage interest rates are even much lower now than when I purchased my first home - by about half, it

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New TRID Rules Give Buyers More Time To Review Closing Documents

For more than 30 years, Federal law has required lenders to provide two different disclosure forms to consumers applying for a mortgage. The law also generally has required two different forms at or shortly before closing on the loan. Two different Federal agencies developed these forms separately, under two Federal statutes: the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA). The information on these forms is overlapping and the language is inconsistent. Consumers often find the forms confusing, and lenders and settlement agents find the forms burdensome to provide and explain. Because of this, the Consumer Financial Protection Bureau (CFPB)

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Spring has Sprung!  For most, that means time for Spring cleaning.  For some, it means time for Spring selling and buying!  Sales in Salt Lake County remained strong during the past winter due to very few snow days.  Sellers took advantage of the good weather and listed their homes for sale a little earlier in the year than usual, Buyers also took advantage of the good weather and started shopping and buying earlier too.  I think that is good for the market and it helps balance the supply and demand somewhat. 

Typically from the start of Spring through the Summer months, we experience a significant increase in the number of Buyers in the market than in the Winter and the number of homes listed each month increases too.  With historically low interest

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Salt Lake City, UT is No. 4 Best City for Tech Jobs in 2015 according to Forbes'. 

Top Silicon Valley companies such as Adobe, Electronic Arts and Twitter have flocked to Utah for its lower taxes, more flexible regulatory environment, a well-educated, multilingual workforce and spectacular nearby natural amenities. Perhaps most critical of all may be housing prices: three-quarters of Salt Lake area households can afford a median-priced house, compared to 45% in Silicon Valley and about half that in San Francisco.

Salt Lake City has enjoyed a 31% spurt in tech employment over the past 10 years and 7.6% growth over the last two years. STEM employment is up 17.5% over the past 10 years and 4.5% over the past two.

Resource: Forbes' Magazine |

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I want to thank all my clients, business partners and associates for helping make 2014 a great year!  It was nice to experience the Utah real estate market as once it again it swings further away from the dips and lulls of the economic downturn that began over 5 years ago.  2015 is expected to be another great year for real estate, home prices are moving up allowing many home owner's to sell and walk away with cash in their pockets.  Home affordability is still strong and interest rates are at an all time low making it a fantastic time for first-time home buyers to buy and for move-up buyers to grow into larger homes.  I am looking forward to working with my many wonderful clients, friends and business partners throughout 2015!

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When searching for a home, most buyers want to find one they love and can see themselves living in happily for years to come. When beginning that search, they typically know what they are looking for and the price range they can afford. Oftentimes, however, those two things come into conflict as buyers get closer to finding their dream home. Inevitably, many of them will have to ask the question, “Where will I have to compromise?” Will you have to let go of the pool to fit into your price range? Will you land in a home that’s a bit smaller to be in a better school district? Can you pay a bit more to be closer to recreational activities?

The National Association of Realtors® posed these questions to homebuyers to find out where they typically made

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