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Show 17. Page C8 B Thursday, September 21 , 1995 The Park Record D Section C IMMIIIUIItlVI l"liW8M B How to stay cool when closing a When purchasing a home, people on often alleviate the anxiety and o miplexity of the closing process by understanding and preparing for the v.'iimis costs involved in , losing. Tax l.iws. interest iji.es and the l miomy are in a iNant state of :ix. By ) iniliarizing , iirscll' with the i.iuncial aspects ul closing, you wmmmmmmmmm l in avoid needless frustration and even reduce ) hii expenses. I or instance, the greatest cost is f-.pically the payment of points (a p lint is one percent of the loan amount I. Since points are paid before ou can even make the first payment, they are considered prepaid interest. The interest is tax deductible, and can save you considerable amounts of money when you pay your taxes. Some deductions apply only II Heavenly" continued from C7 ii in 1989. Jan tells of an incident when she had about 10 friends from California, all women, stay at the inn. Jan and Joe had already experienced "some things we couldn't explain little things out of place or, occasionally, piano music in the middle of the night." and Jan warned her friends about the possibility of an eleventh guest in the house. During the night, Jan says, the room of two of the women became very cold, and a white mist crept in under the door. The mist moaned tragically, "Oh, Oh!" and went in the bathroom, where it flushed "about 25 times," js Jan. The two women, staying in an upstairs bedroom, rushed to the top of the stairs, where one woman felt "a force" push her. "When I woke up in the morning, there were all 10 v omen, huddled downstairs in the living room. Their beds had been stripped, and they were down there with their pillows and blankets just all in a heap," says Jan. "After that, they-couldn't ten go tothet bafffroom- alone.?' Whoa. Womeri'c? 'CfiuYdn't' g'6 to - t -. r ' V-..f Jon Olch, Broker MBA, GRI, CRS 649-8640 Home 640-0244 Mobile during initial financing. Refinanced loans and any type of home improvement or home equity loans fall into a grey area for which the IRS Ronald Field has not established clear rules, points on these loans are not always deductible and may have to be amortized over the term of the loan. You should seek the advice of a tax attorney or accountant to investigate this area further. The following are some of the items you may encounter during the closing process that carry fees. Ask your lender for an estimate of the costs, and your tax lawyer or Victorian inn the bathroom alone? So, if it's historic and beautiful, why is the Angel House not a famous Park City landmark? "Despite our location and all the work we've done, people still don't know we're here," says Jan. "Guests come in from out of town and ask the locals for directions, but they just shrug and say, 'Huh?'" Of course, charming bed and breakfasts, unlike major hotel chains, rely largely on word-of-mouth advertising. So for only being open since June, the Angel House has actually done pretty well. Joe says it is now pretty well fully booked on weekends. The Angel House has eight available rooms, five down and three up, all named after a different angel (Michael, Jophail and Christine are some of the names). Rates vary from $85 for a "guest room" (simple bedroombathroom) during offseason off-season to $250 for a "suite" (expanded bedroom, usually with small sitting area) during the Holidays. Some special rules apply, so call in advanceVor 4etails,800-ANGEL-l or 801- us ;: - w :r.. -1 ' Jarwt Robwn Olch 649-6344 Horn Chrii Child, MBA 649-0242 Horn 645-5795 Mobil V-. t v., v J i ,. -ar .-f. f I m iin.iw .. '-, ii I 1hinmiiiwinTimm ; I accountant if they are deductible. Points: Also called loan origination fees, each point represents one percentage of the loan amount. Appraisal fees: The appraisal is the key factor in determining the fair market price of a home. Credit report fees: Your lender evaluates your outstanding debts, whether you make payments on time, and have the necessary income to make the mortgage payments. Homeowner's insurance: You will need a homeowner's insurance policy paid one year in advance to protect against fire, hazards, theft, etc. Title charges: You will be required to purchase title insurance on the home to ensure valid and proper title ownership to the property. Document preparation: This is a fee for the preparation of the closing documents, which can be a complicated and time-consuming process. Underwriting fees: A fee charged to have your credit application kfmmii!gt feiKsfOKne as Local convention properties have reported the following groups will meet in Park City the week of September 17-23, 1995: 42 Groups Defense Contractors BurnsZimmer Wedding Anderson Lumber Covey Leadership Combined Insurance 3AI Advertising Agency Children's Miracle Network US Ski Team Brigham City Community Hospital WMA HOSA Josten's Burton Family Reunion Profit Education Systems HIZ Systems Communication Certification Lab UHMA Nat'l Assn. of Pipeline Safety Representatives Valley Emergency Communications Job Service Administration Nat'l Assn. of Personal Financial Advisors VolvoGM Heavy truck Assn. of Real Estate License Law Officials Women Aglow American Association of Optometry IPM International Freestyle Committee Sadi Advertising Thornapple Optnamology Total: This is a 6 decrease compared -mm i ' ' ' f ? i I -- i v ' f ' : ' i , Mike Kermizii 649-2985 Horn 645-5753 Mobil Henry Sigg Chorlei Brad Smilh MBA, Auoc. Broker 647-3040 Horn 649-2144 Horn 645-1 146 Pager - -- j. - . banwaal purchase underwritten by a qualified credit analyst who approves or rejects your, loan application.' ', . . Keep in mind that you don't have -to be an expert when it comes to closing. Let a professional help you. Your objective during closing should be to increase your own comfort level and reduce the stress associated with buying a home. Based on the lenders surveyed this week the interest rate on 30-year mortgages decreased to 7.75 percent. The interest rate for 15-year mortgages decreased to 7.25 percent and the rate for one-year adjustable-rate adjustable-rate mortgages is 6.125 percent. All rates are quoted with zero points and a one percent origination fee. Ronald Field, Park City, is a licensed mortgage broker, investment advisor and former columnist for the Chicago Tribune. Readers with financial or investment questions can send their letters to Ronald Field, P.O. Box 2060, Park City, UT 84060. Attendees 70 75 54 17 40 115 14 50 10 200 200 20 10 30 200 20 40 30 28 14 100 100 20 250 9 10 30 5 6 2,537 to the same, week last year. BALD EAGLE HOME...OUTSTANDING IN EVERY DETAIL Lot 23 - 7880 Red Tail Court $4,700,000 Unequalled ski-inski out access to Snow Park or Silver Lake Crown Pointe chair-lift chair-lift at your back door Wooded seclusion in .75 acre homesite Fantastic views of Jupiter, Jordanelle Park City & Bald Mountain 5 bdrm, 6.5 bath 8,500 sq. ft. 3 levels welevator 5 fireplaces Extensive family & entertainment areas 3 car garage, heated driveway Fully landscaped. Agent: JonOlch DEER VALLEY CLASSIC Belleterre 8 - Fully Furnished A Masterpiece in design, function & finish Nestled privately in a pine forest World-class architecture by Jack Thomas Full-length glass walls Vaulted ceilings Approx. 7,000 sq. ft. 5 bedrooms 5 baths Wine cellar Hot tub room Breathtaking Park City Views from every room Honduran mahogany decks Radiant heating system Call for private showing. Agents: Jon OlchJanet Olch PERFECT DEER VALLEY SKI RUN VIEWS 1971 Solamere Dr. $1,295,000 New Circular Drive Totally renovated home Vaulted ceilings and skylight Approx. 6,700 sq. ft Great room and formal dining 5 bedrooms4 Baths Furniture negotiable Huge Decks Expansive .75 acre corner homesite with mature landscaping, surrounded by open space Only 50 yards from bus stop Membership in Solamere SwimTennis Club. Agents: Jon OlchJanet Olch m Visit us at the&ald Eagle Realty Office 649-5212 Located at the entrance to Wolf Mountain on Highway 224 Anita Beth 654-52 1 4 Program ; Rate; Point Down Caps ' Index Bank of Utah . 30yrFix 7.875 0, 5 30 yr FHAVA 7.875 0 5 15 yr Fix 7.375 0 5 Commonwealth United Mortgage 30 yr Jumbo 8.125 .0.5 6 mo ARM 5.875 ' 0 5 26 LIBOR 1 mo ARM 6.125 0 ,5 11.50 COFI First Union Home Equity Corp. Second Mortgages Line of credit Prime 2 ONA 1 5 yr Fix 10.750 ONA Great Western Thrift Conforming Loans 30yrFix 7.625 0 10 15 yr Fix 7.125 0 10 3 mo ARM 5.100 0 10 11.95 11th D ' Mountain Express Mortgage 30yrFix 7.625 0 5 31 ARM 6.875 0 5 26 T-Bill 1 yrARM 5.750 0 5 26 T-Bill Intermountain Mortgage 30yrFix 7.750 0 5 15 yr Fix 7.375 0 5 6 mo ARM 5.625 0 5 16 LIBOR United Savings BankWestern Mortgage 30yrFix 7.750 0 5 1 5 yr Fix 7.375 0 5 1 yrARM 5.750 0 10 26 T-Bill Utah Housing Finance Agency 30 yr FHAVA 6.820 2 3-5 15 yrFHAAA 7.120 0 3-55 Washington Federal Savings 30 yr Fix 7.750 0 5 30 yr Jumbo 7.750 0 5 1 5 yr Fix 7.125 0 5 West One Bank 30 yr Fix 7.875 0 5 15 yr Fix 7.500 0 5 1 yrARM 6.125 0 10 26 T-Bill The Utah Mortgage Pulse includes up-to-date information on home loan rates charged by Salt Lake City area lenders. The information was accurate on Monday, September 18, but is subject to change without notice. Closing points: One point equals 1 percent of the loan amount. Most lenders also require private mortgage insurance with down payments of less than 20 percent. Also, most lenders charge loan processing fees up to $300, credit and appraisal fees up to $400, origination fees of 1 along with other closing costs. Index: T-Bill Yield on 1 yr T-Bill, COFI Cost of Funds Index, 11th D 11th District Cost of Funds, Libor London InterBank Offered Rate. Source: Mountain Express Mortgage ivn w n (801) 647-3700. u u ' $4,300,000 l TYl at d 4 d d J d J d d d i it i - 4 J it t J f 0 9 P 0 0 0 " 3 1 |