Park Record | 2001-09-29 | Page 31

B-15 Utah Mortgage Pulse A look at private mortgage insurance by Ronald Field RECORD GUEST WRITER PMI is insurance which guarantees guar-antees the lender that in the event the borrower can't make the mortgage payments, the insurance insur-ance policy will take effect and reimburse the lender against losses loss-es incurred. It's very important to lenders because one of their biggest problems is people who default on their loans. In that event, the lender gets the house, but lenders can't get their money out of it until the house is sold, and then they have to hope the sale price will be enough for them to break even. Over the years, lenders have learned that the more equity people peo-ple have in a house, the more likely they are to continue making mak-ing regular payments. The less equity people have, the more likely they are to default and lose the house. Thus, the larger the down payment, the easier it is for someone to get a loan. For many years, people couldn't could-n't get into a house without a sizable siz-able down payment. Then with PMI to pay the lender in case the borrower defaults on the loan, buying a house became easier. The lender looks at PMI somewhat some-what like equity that has already been built up. If you default on your loan, the lender will sell the house and benefit from the insurance insur-ance you have been making monthly payments on since you Steamboat housing Continued from B-14 created by the closing of a mobile home park. Before they could get city approval of a change in land use, park owners would have to find out how to relocate people's trailers and present the city with a plan of how they will do so. The third section asks the city to waive certain requirements, such as minimum lot area and residential res-idential density, for mobile home parks that are being sold directly to the residents. City staff plans to bring back information on the ways other communities deal with trailer parks for a City Council meeting in June. Tom Ross contributed to this story. i &wm t Donald Joseph Purser, M.S.J.D. 2735 East Parieys Way 303, SLC (14 minutes from Kimball Junction) [phone] Business&c Personal Tax Reduction Strategies Asset & Wealth Protection Estate & Capital Cain Protection Living Trusts, Family Limited Partnership and Charitable Trusts www.estateplanning.comdonpui5er Gwulhon Generations: Planning Your Legacy & Strictly Business Maru Pnhort-crhn General bookkeeping and Secretarial work done from my home. 20years experience Honest, Personable and Hard working Call 435-940-1797 ImMsw&m ill Canyons Chiropractic Clinic Dr. Donald A. Cofer, Dr. Chad A. Lundstrom. Clinic Services include: chiropractic, chi-ropractic, medical, massage, acupuncture, acupunc-ture, physical therapy and nutrition. Orjen 7 dmuM 41S-649-1542 ; Saddle View Office Park (Bldg D) 1 00 next to new P.C Post Office PCNetExperts www.pcnetexperts.com Affordable at home Computer Service Build a Web Site & Maintain it Computer Advice(Education) Install new hardware (modems, hard drives) Share files between computers (Networking) Connect Computer to the Internet Write Custom Software Pickup & drop off computer 6580679 office 714-0688 cell dDOwerssisna.cnm "OUT OF TOWN" Home Concierge Services Enjoy peace of mind while you are away with your personal home concierge. We can customize to fit your needs! Home Care Auto Care Errands Mail and Fax Services Delivery & Repair Coordinating Airport Drop Off & Pick Up References, Licensed, Bonded & Insured. Call 435-655-2824 or 435-640-2324. bought the house. On a conventional mortgage, you have to buy PMI if you make less than a 20 percent down payment. pay-ment. The positive side of PMI is that is makes it possible for people peo-ple to buy a house who don't have 20 percent to put into a down payment. The negative side is that the lender and the insurance company are in no hurry to let you stop making PMI payments. A 20-percent equity figure is spelled out in the Homeowners Protection Act of 1998, which took effect in July of 1999. If you should happen to miss the date when you reach that magic number, num-ber, the new law also required the insurance carrier to automatically cancel the policy when you arrive at 22 percent equity. However, the new law covers only new PMI policies and homeowners with good payment records. The old policies are still in effect, and vague enough to make it hard to get them cancelled. So, what are your options? The first thing you have to do is prove that you have 20 percent equity in your home. That equity can come from making your payments pay-ments year after year until you hit the magic number, or it can come from your home's increased value. Most likely it will be some of both. It will probably require a property appraisal, which you'll have to pay for. f is 1 'i -, Z 4k o0k k o Y'" In God J We Trtishsf lh iC! Irl 1 FoYqjoredetaV t 0 j r i u Greg4Keartlor vfa v (435) 68585 ov l .l.ifewJ IC.J I. ! i 1 1-800-297-8585 Keara Sardo Greg Sardo Becky Stover f Cornerstone 1 9 1 2 sidewinder Dr. ste. 2 1 6 Home Mortgage -Park City ut 84060 i Haymore Brothers Construction When quality is tne issue Specializing in Custom Homes -Over 1 Million-Serving Million-Serving Wasatch, Summit & beyond [phone] 5780 N. Doc's Lane Peoa, Ut 84061 Park City Dentistry Ronald T. Conn, D.M.D., PA 22 years experience Prevent dental problems in the future Look and feel good Painless dentistry Expect the best results from an artist 1600 Snow Creek Drive Suite A Park City 435-649-4343 i n I 11 Judy K. Hanley, LUTCF Insurance agent Farmer's. Auto, home, life,business, health insurance. 12 Holiday Village Mall, Park City, Ul 84060. Business [phone], Home [phone] FAX [phone] 'ror K ' (V HOME CARK Skilled Health Services At Home. High quality cost-effective care. Irvnome consultation visit free. 435-658-3388 Applegate Homecare 1820 Sidewinder Drive Phone:[phone] Fax: [phone] Home Nursing Physical, Occupational, Speech Therapies Home Health Aides Homemakers Respite Care Allow us to provide you with the personalized per-sonalized care you deserve. www.applegatehomecare.com I.H.C Family Practice Joseph H. Berman, M.D. Kimball Junction 1 612 W.Ute Blvd., Suite 112 Park Cry, UT 84098 435-6580179 The Park Record Even after your home is appraised and you can prove that you've reached 20 percent equity, the lender might still try to stall you. However, it will be the lender you have to convince. It's the lender who decides whether you have to keep making payments pay-ments to the insurance company. Since President Clinton signed the Homeowners Protection Act of 1998, many people are wondering wonder-ing why they're still having trouble trou-ble getting rid of their private mortgage insurance (PMI). There are two reasons. The first one is that the law didn't go into effect until July 29, 1999 - one year after it was signed. The second sec-ond reason is that even when it did go into effect, it didn't cover all policies. Some people have hired lawyers to force lenders to let them drop their insurance. If your mortgage company is giving you trouble canceling your PMI, look into the costs of refinancing your loan to get rid of the PMI. You may be able to secure a no cost refinance loan, with the refinance costs included right in the loan. Finally, if necessary, turn to the same people who created the Homeowners Protection Act of 1998 - Congress! Let your congressional con-gressional representative know what's going on. After all, it was the calls, letters, and complaints from homeowners like you that AT YOUR ; guide to Park City "s mmm- Park City Family Health and Urgent Care Center 1665 Bonanza Drive 649-7640 Open 7am to 11pm 7 days a week for urgent care. Appointments 8am to 7pm Mon-Sat Adult and Pediatric Medical Care Family Planning, Urgent Medical Conditions and Trauma. Family Nurse Practitioners R. Herbert Lepley, FNP June Neeley, FNP Certified in Sports Medicine Joseph Albano, MD Cress R. Bohnn, MD Robert J. Evers, MD Chris Hays, MD Am Bd or Family Practice, Diplomats Joseph Albano, MD Robert W. Bamett,MD Cress R. Bohnn, MD Robert). Evers, MD Joseph Ferriter, MD Chris Hays, MD Elizabeth Marlin, MD Am Bd of Pediatrics. Diplomate Robert ). Winn, MD HEALTHSOUTH Surgery Center of Park dry 1850 Sidewinder Dr. 120 [phone] Cosmetic, ENT, General, Gynecology, Hand, Neurology, Orthopedics, Pain, Podiatry and Oral Surgery available. Experienced staff committed to exceptional, excep-tional, personalized care. Please, contact us for surgeon information. Hours: 7 am - 5 pm, Mon. - Fri. Orthopedic Sport Medicine Spinal Evaluation and Surgery LesJ Harris, MD Office Located in Snow Creek Emergency & Medical Center (adjacent to Dan's) 649-7407 Salt Lake Office 801-314-4009 FOREVER YOUNG INSTITUTE Human Growth Hormone and other Bio-Identical Hormone Therapy for men and women. This is the most effective anti-aging medical intervention available. Call 435.655.8648 Rosenberg-Cooley Clink: Knee Shoulder Spine Specialists Thomas D. Rosenberg, M.D. Vernon J. Cooley, M.D. Charles C Rich, M.D. Charles L Beck, M.D. Larry G. Leonard M.D. Mark E. Moritz, D.P.M. 1 820 Sidewinder Dr. Suite 1 00 Prospector Square 655-6600 got Congress to introduce the legislation leg-islation in the first place. So both Congress and the mortgage industry are well aware of what you can do when you set your mind to do it. Ronald Field, Park City, is a licensed mortgage broker, investment invest-ment advisor and former columnist colum-nist for the Chicago Tribune. Readers with financing or investment invest-ment questions can send their letters let-ters to Ronald Field, P.O. Box 2060, Park City, UT 84060 or www. ron parkcity mortgage, com. K a U 1 W.CV LHKV7C ON Prices Effective Sept. 30-Oct. 2, 2001 Sunday, Monday & Tuesday f fe t r-.v- V. . .. , ' - j. ID. Minap DOg Jfc IDAHO POTATOES ...m. SERVICE prof eeetdrideervtase : 1 vBmimm'd Snow Creek Emergency & Medical Center 1 600 Snow Creek Drive (adjacent to Dan's Foods). 435-655-0055 Board Certified in Emergency Medicine. Walk in Visits Welcome, Short Waiting Times, Primary, Urgent, Emergency and Trauma Care, On Site Orthopedic Surgery, Pediatrics, Internal Medicine, and OBGyn. Open 365 days per year Summit Pediatrics A Division of Wasatch Pediatricsjnc Is now accepting new patients! Most insurance and Medicaid plans. Quality care for infants, children and adolescents. adoles-cents. Well child exams, Adolescent medicine, Sport and Scout physicals and Urgent care Weekdays and Saturdays. Leslie Webster MD, David Larson MD and Kathy Ostler, MD. 1600 Snow Creek Dr., Park City, 435-655-0926 and 906 So. Main St, Heber City, 435-657-0101 and24hr. on call coverage 435-615-8866 University of Utah Hospitals and Clinics Community Clinics Summit Health Center 1 750 W. Sun Peak Drive, Park City 435-647-5740 Mon-Thurs - 8:00 am to 7:00 p.m. Fri - 8:00 a.m. to 6:00 p.m. Sat - 9:00 a.m. to noon Family Practice Internal Medicine OBGYN Nurse Midwife Specialists Pharmacy Services Musculoskeletal Medicine Spine Sports Industrial Spinal Cord Injury Efedrodiagnostcs EMG Scott Adefrnan, MD Michael Giovanniello, MD Jeffrey Scott MD Board Certified Physical Medicine and Rehabilitation, Electrodiagnostics Medicine, and Sub-specialty in Pain Management Saddle View Office Park 2200 Park Ave., Bldg.D 100 435-649-7174 801-314-4466 (Salt Lake location) DYNAMITE DOM'S i 1 f Open from fai-llpm Green, Red, or Black SEEDLESS GRAPES N X -N 'V FX l (LOT ma m 'rprprpr? e p p e l N If3 hh . I ftl Park Citv at 1500 Snow Creek Drive WE RESERVE T! IE RIG1 IT TO LIMIT QUANTITIES. BwaBfeifcBaPi.fi TOSH Physical Therapy 647-5955 2200 Park Ave. D-200 Open Mon.-Sat Our local therapists have served the Park City Community for the past 1 0 years and we are also the Official Providers for the U.S. Ski and Snowboard Teams and U.S. Speed Skating Team. Our therapists offer expertise in the field of Physical Therapy. We specialize in : 'Orthopedic and Sports Physical Therapy Back & Neck Therapy Post Surgical Rehab Hand Therapy Custom Splinting Custom Orthotics Treatment of Incontinence PreNatalPostpartum Fitness Testing Personalized Fitness Programs Spring and Fall Conditioning Classes Massage Therapy S. Marfene Hatch, P.T., Laurie Savage-Wing, Savage-Wing, P.T., an Watts, P.T., A.T.C., Tina McDonald, P.T., Kathleen Papi-Baker, M.O.T., O.T.R., C.H.T., Robyn Hase, A.T.C., Steve Sherwood, M.S., A.T.C. Most insurance plans accepted. Alpine Sports Medidne Locally owned and operated 2015 Sidewinder Dr. Park City, Utah 84060 [phone] Se Habla Espanol. Monday-Friday 7-7, Saturday 8-12. Mark Moefler P Megan Williams, OTRU CHT, Andrea Terwillegar MS, Robert Cervantez MPT CSCS, Link Dephouse MPT, Ellen Lewis LMT, Anita Merbach LMT, Mimi Barta LMT. Specializing in Physical Therapy Sports Therapy Occupational TherapyHana Therapy Custom Splints Massage Therapy Customized WellnessExercise Programs Fitness Memberships Our emphasis is the highest quality care. HEALTHSOUTH Medicine fit Rehabilitation Center 1 255 Iron Horse Drive, Park City UT [phone] Preston Hall, PT Brenda Harr, ATC Committed to providing exceptional personalized care. Physical therapy, sports medicine, fitness center with indoorpool. Open 7 am - 7 pm. Mon. - Fri. Extended appts. avail, upon req. i Mmtm il Summit Pregnancy Resource Center Pregnancy "Tests ana Counseling All Services Free and Confidential Complete Information on Options Unconditional Caring Mentoring for Single Mom's Medical, Legal and Adoption Referrals Material Resources Hours: T-Th 10-4; W 1-5. 940-0000 614 Main St, Suite 305 Park Qry Saturday, September 29, 2001 7 days a week. !90 Mint Street S13-M57 7 '.J Fresh Boneless Skinless CHICKEN BREAST n Limit: 2 Packages i it- 25 lb. tag YELLOW ONIONS NO DEALERS i mm i-;ri HEALTHSOUTH Diagnostic Center I HjU iKjewinaer unve, 4 1 u Park City UT 84060 (435)6150250 MRI, CT, X-ray, ultrasound & mammography performed by ARRT state-certified techs. Diagnostic results rendered by board-cert radiologists, William Dubiel MD, Barry Birkin MD & John Olsen MD. State-of-the-art imaging in a friendly environment w a focus on same-day scheduling & prompt reporting. Open 8:30 am - 5 pm, Mon. - Fri. Extended hours by appointment Mention this listing to receive $20 off!! i mmmm Soaring Wings Montessori School Education for peace since 1987 A private school for children 1-12 -9 years of age As a full affiliate of the American Montessori Society, we provide a comprehensive compre-hensive curriculum based upon national standards in mathematics, literacy, science, sci-ence, social studies, practical life, sensorial, penmanship, computer technology, fine arts, foreign language and healthy lifestyles. 435.6493526 www.soaringwings.org GARDEN CHRISTIAN ACADEMY A non-denominational Christian school. Preschool through eighth grade Dedicated, professional teachers Small class sizes Academic excellence Financial aid available For information call 435-649-2791 3120W. Pinebrook Rd Park City, Utah 84098 www.cardenca.org Bobbi Fosburg Secretarial Services 435-647-5759 Typing, data entry, mailing labels, manuscripts, resumes, business letters and more from my home office. References Available. fosburggoez.net f J ( lb. mm ra. "Ml -!:JWLPW tjm