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Show A-16 The Park Record Ronald Field O Second Trust Deed Loans Have you been saying to yourself your-self lately. -'Gee. I'd like to fix up the house, and pay off some of those dreadfully high-interest-rate credit cards we've run up. maybe even set aside a little college money for the kids, or take that vacation we've been dreaming about. But I'm not going to refinance refi-nance again just to get a little extra cash. What can I do?" Recognizing the mounting frustration frus-tration with refinancing a first trust deed loan every time some extra cash is needed, many lenders have been busy designing, modifying modify-ing and streamlining their second trust deed loans to meet the wide variety of borrowers' demands and expectations with spectacular results. Today, a homeowner can borrow bor-row money to fix-up a home, consolidate con-solidate debts, pay for an education, educa-tion, take a trip, solve a financial emergency, or simply have cash readily available all without having hav-ing to refinance. 'I he most popular second trust Info tech's growing Continued from A-15 sional services such as consulting, programming, education and training: train-ing: 14 percent are hardware providers that offer a combination of components, mainframes. PCs and communications items. Utah's IT industry generated approximately $6.4 billion in revenues rev-enues in 1W5. up from $6.1 billion in 1M4. The industry also experienced experi-enced a 12 percent net increase in the number of employees since 1W5. and now employs approximately approxi-mately 39.000 workers, which is about 4 percent of Utah's non-agricultural workforce. Utah IT employees in 1996 earned an average aver-age wage of $38,724. an increase of 10 percent since 1994 and 64 percent per-cent higher than the state's average of $26,628. The average starting salary of a Utah IT entry-level employee in 1996 was $25.060 annually, annu-ally, approximately $1,500 higher than the state's overall average. Leaders of Utah's IT industry are extremely optimistic in projecting project-ing a 50 percent increase in employees employ-ees ( nearly 1 9.51 K) workers) over the n last Saturday's deed loans currently available include: Second Trust Deed Loan: The old standby, stand-by, these loans are made for any purpose: a trip, an education, medical bills, home furnishings, home improvement, debt consolidation, consoli-dation, or just extra cash. Borrowers generally have to disclose dis-close the purpose for borrowing the funds. However, no inspections inspec-tions are required if the loan is for home improvements, nor is there a limitation as to the amount of cash proceeds a borrower may receive. Most loans are fully amortized over 15 years, or have a 30-year amortization with a 15-year balloon. bal-loon. - Home Equity Line of Credit: The credit card loan. Qualifying just once, a credit line allows a borrower the flexibility to borrow money any time, borrow onlv the amount needed (up to their maxi next three years. Most of these new jobs are anticipated in the smaller IT enterprises. The Wirthlin survey indicates that Utah's IT industry is relatively young and is comprised largely of small entrepreneurial enterprises. Sixty-five percent of Utah's IT enterprises have started operations since 1985. and 42 percent since 1990. Sixty-five percent of enterprises enter-prises employ 25 or less; 33 percent employ five or fewer: 18 percent have 1-2 employees, and only 8 percent per-cent employ over 100 people. While IT enterprises are located throughout the state, the majority of them are located along the Wasatch Front. UITA is a statewide, not-for-profit. IT industry trade association. UITA represents and provides business busi-ness development services to the approximately 1.870 developers, producers and sellers of computer, software, digital content and telecommunications-related products prod-ucts and services that are headquartered headquar-tered or have operations in Utah. For additional information on this survey, call UITA at 568-3500 or visit www.uita.org on the Web. our Some alert employees at U.S. Skiing foiled a bank robbery attempt by telling police about a pair of suspicious men hanging around First Security Bank. Snowfall in Summit County this winter has broken a 30 year record - and some experts are worried about potential flooding this spring. mum line amount), repay the amount borrowed over time, and pay interest rates below most major credit cards. Access to funds is through special checks or a credit cred-it card issued by the lender. Credit lines are typically written for 15 to 25 years and require a balloon payment (some lines allow the final amount due to be repaid in equal monthly payments over a period of years). Credit lines may be written up to 100 percent of a home's value. - 125 Loan: This is an increasingly increas-ingly popular loan, particularly with borrowers who have little or no equity in their home. This loan allows borrowers to consolidate debts or do home improvements. These loans can be made up to 125 percent of the home's value. The loan amounts range from $25,000 to $100,000. Homeowners must provide a list of improvements to be made, and are subject to an inspection up to six months after the loan is funded. The loans are fully amortized over a 25-year period. - Title One Loan: This is a government-insured home improvement improve-ment loan. These loans, which f&ggso6ft srkii Local convention properties report that the following groups are meeting in Park City the week of Feb. 9-15. Information is provided provid-ed by the Park City ChamberBureau. 18 Groups Union Tank Multi-Housing Laundry Association Lewis Brothers Charlotte Bar Association Primary Children's Medical Center U of U OBGYN Lyons Utah Academy of Family Physicians ITO Sara Lee Bakery Phil Harvey Ski Group Clark County Dental Association SITOUR New Horizon Tours Park City Ski HolidaysAirTouch Hewlett PackardGroup I Northwest Anesthesia Lowy Group TOTAL THIS REPRESENTS NO CHANGE WHEN COMPARED TO THE SAME WEEK LAST YEAR. readers discover The Alcoholic Beverage Commission finally cleared the way for a winery operation planned for Park City. Don't miss an issue! Pick up the Park Record at over 77 locations in Summit County or subscribe by calling 801 -649-901 4. generally do not require an appraisal, are made to assist new or existing homeowners to fix-up or add to (e.g., a bathroom, bedroom, bed-room, etc.) their homes. Loan amounts up to $25,000 are available avail-able for single-family residences. Homeowners must provide a list of improvements to be made, and are subject to a property inspection inspec-tion six months after the loan is funded. No cash proceeds may go to the borrower. Loans are fully amortized over 15 years. ' Based on the lenders surveyed this week the interest rate on 30-year 30-year mortgages decreased to 7.875 percent. The interest rate for 15-year 15-year mortgages remained at 7.500 percent and the rate for one-vear adjustable-rate mortgages is 6.000 percent. All rates are quoted with zero points and a 1 percent origination origi-nation fee. Ronald Field. Park City, is a licensed mortgage broker, investment invest-ment advisor and former columnist colum-nist for the Chicago Tribune. Readers with questions can send their letters to Ronald Field. P.O. Box 2060, Park City. UT 84060. Attendees 5 40 35 10 250 200 8 100 10 13 5 45 10 32 80 9 175 20 1,047 paper Park City can brag about being home to the world's most extreme skier. Local resident Brant Moles beat the current world champion on a high speed run at Jackson Hole, Wyo. Program Rate BfiinlS Bank of Utah 30 yr Fix 8.000 0 30 yr FHAVA 8.000 0 15 yr Fix 7.375 0 Commonwealth United Mortgage 30 yr Jumbo 8.375 0 15yrFix 7.500 0 31 yr ARM 7.125 0 First Union Home Equity Corp. Second Mortgages Line of CreditPrime 1 0 15 yr Fix 10.500 0 Great Western Thrift Conforming Loans 30 yr Fix 7 625 0 15 yr Fix 7.125 0 1 mo ARM 3 950 0 Intermountain Mortgage 30 yr Fix 7.750 0 15 Fix 7.250 0 1 yr ARM 5.250 0 Mountain Express Mortgage 30 yr Fix 7.750 0 31 ARM 6 625 0 1 yr ARM 5.375 0 United Savings Bank 30 yr Fix 7.875 0 15 yr Fix 7.375 0 1 yr ARM 6.500 0 Utah Housing Finance Agency 30 yr FHAVA 6 740 2 30 yr FHAVA 7.040 0 Washington Federal Savings 30 yr Fix 7.875 0 30 yr Jumbo 8.125 0 15 yr Fix 7.625 0 U.S. Bank of Utah 30 yr Fix 8.000 0 15 yr Fix 7.500 0 1 yr ARM 6.625 0 The Utah Mortgage Pulse includes up - to charged by Salt Lake City area lenders. Monday, February 3. but is subject to One point equals 1 percent of the loan amount. Most lenders also require private pri-vate 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 Source: Mountain Express Mortgage I IV Serving Summit County since 1880 Dow Caps Index 5 5 5 26 T-Bill NA NA 10 10 10 11.95 11th D 5 5 5 26 T-Bill 5 5 5 26 T-Bill 5 5 10' 26 T-Bill 3-5. 3-5 5 5 10 16 T-Bill 5 5 10 26 T-Bill - date information on home loan rates The information was accurate on change without notice. Closing points: InterBank Offered Rate. (801) 647-3700 600 that PARK CITY, UTAH |