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Show Several Options Open T o Homebuyers, Seminars Emphasize By Thomas R. Dowell Tribune Staff Writer If youre thinking about taking advantage of the current buyer's market in the housing industry, experts in the field say you should shop around for a builder or realtor whom you feel comfortable with. That was the most prevalent indication from a series of seminars hosted recently by the Home Builders Association of Utah. The seminars were held statewide, including three in Salt Lake City, and featured attorneys, builders, financial officers from mortgage companies, real estate executives and representatives from the Utah Financing Agency. Advice was given on what to look for in attorneys, realtors, builders and loan agencies and the loan options available to qualifiers. Speaks on Realtors Role Vic Ayers, president of Gump and Ayers Real Estate Inc., said a realtor can save a buyer time and money and can address specific problems that may occur during a sale. Lucy Skiffington, an attorney with Suitter, Axland Armstrong and Hansen, said an attorney isnt always needed, especially when buying a home with conventional financing through a realtor, because the realtor can offer guidance. She suggested hiring a lawyer when a realtor isnt involved in a home sale, when a buyer doesnt understand the creative financing of a contract or when a contract is between a buyer and a seller. Skiffington also explained Ms. that an earnest money agreement is biased toward the seller and that a buyer can protect his interests by adding guarantees or warranties for light fixtures or plumbing and heating equipment, among other actions. Questions for Buyer Keith Romney, president of Capitol Industries Inc., suggested questions a buyer should ask homebuilders before they begin construction or sign any contracts, such as: a list of .customers the buyer can contact about the builders work; business references; any homes the builder has built or remodeled with similar modifications; how much the finished product will cost; what the buyer can do to reduce the price; and any help the builder can suggest in relation to financing. He also suggested that buyers check on warranties the builder oifers, where he buys his materials and whether or not he is paying his bills. There is nothing worse than losing your home because the builder didnt pay his bills, he said. Inspection Checklist Mr. Romney also suggested a checklist of things to look for when a buyer and the builder make a final inspection of the home: Check for cracks in the walls; make certain the floor is level by using a marble to see if it rolls more than two or three feet and where it settles; check the ceiling for loose bracings and the wiring to see if it is loose or unconnected; make sure the air conditioning works, if there are ample laundry room hookups, and be certain the carpeting is secure. Buyers should also make sure bedroom doors and closet doors are hung right; appliances in the kitchen work; light fixtures function; landscaping sprinkling systems have been installed and a waste outlet is present; driveways and garage floors are sloped to shed excess water; and the masonry work looks good. As for the financial aspects, buying a home is always a good The Salt Lake Tribune, Thursday, November TEN MOST WIDELY FOLLOWED STOCKS IN UTAH By Jonathan Greer Three years ago, a fixed priced home mortgage, the home loan, was standard, he said, but with deregulation of banks and other financial institutions, the pool of money for housing dried up and everyone began competing for the same money to loan. 30-ye- The result is the flexible financing available now. Dozens of Ways to Boy There are dozens of different ways to buy a home, he said. Mr. Yates also supplied a list of information a buyer needs to take when applying for a loan. That includes: the name the buyer wants to appear on the warranty deed, social security numbers of both spouses if applicable, and a complete financial statement, including current credit situation and all assets and liabilities. Loan institutons also may require a deposit to cover the cost of the credit report and a deposit for the appraisal of the home. Mr. Yates said the amount may vary between companies. Besides the fee for an appraisal, and credit check costs, Mr. Yates said buyers must pay for title insurance, any prepaid interest, tax and insurance policies. 'Editors, brokort conMnsui, subloct to chons Plant Construction Starts; $10 Million Earmarked Special to The Tribune Construction has BOUNTIFUL begun here on a $10 million air separation facility being built by the Air Products and Chemicals, Inc. Allentown, Pa. The facility, scheduled to begin operation next fall, is located just north of Pages Lane, east of Interstate 15. When completed, the plant will separate air into its component parts of oxygen, nitrogen and argon using a cryogenic process. The gases to be produced at the plant are used in various applications: oxygen is used primarily in metal processing, cutting and weld-- Its Basically, thedifference between twe analysts is that Goodkin thinks the rate drop is over, while Ricks thinks it has a little further to go. Both agree, however, that now is the time to start talking to lenders about refinancing arrangements. As with onginal mortgages, there are scores of options to choose from. Homeowners, also should keep in mind various costs involved in refinancing a loan, including origination fees and prepayment penalties. In any case, lenders report a surge of interest about refinancing. One of the biggest mistakes people make is waiting until the last minute, said Bob Nathan, regional manager m the Campbell office of North American Funding Co., a mortgage brokerage. Waiting much longer may be hazardous. Some interest rate watchers predict that rates will rise a stickier question for those arent under the who ing and medical therapy; nitrogen is used in metalworking and heat treating and as an inerting, purging and blanketing gas in the chemical and petroleum industries as well as in food freezing and semiconductor fabrication, while argon is used in the electronics, chemical processing. and metalworking industries, according to Air Products Salt Lake City district manager Bob Kleffner. gun. In both cases, the homeowner interest who bought property when rates were above 14 percent was probably planning to his position when interest rates fell. Well, interest rates have fallen. In the last three months, mortgage rates have dropped beween three and five percentage points. So is now the time to refinance, even if its not absolutely necessary? Stallion Service The soon. are divided. experts China Official Wields Pistol Without a doubt in the world, now is the time to look at refinancing," n said Sanford R. Goodkin, a real estate analyst. Goodkin sees mortgage rates stabilizing above 12 percent, meaning they dont have much further to ge before hitting bottom. Rather than wait, the homeowner should consider frfinancing now, he said. Set for Auction well-know- The Breeders Division of the Utah Arabian Horse Club will hold its fifth annual stallion service auction Friday and Saturday at Sharp Training Stables, 11900 S. 1300 West, Riverton, according to James division president. The services of 33 stallions will be offered with bidding expected to range from $1,000 to $3,000 per stud fee. There will be a stallion review party at 6 p.m. Friday. Bidding begins Saturday at 1 p.m. Good Comeback For Champagne Tel-laro- PARIS (AP) Champagne producers are reaping a record 1982 harvest after three bad years which made the bubbly white wine expensive and scarce, the French Champagne Association announced Wednesday. I I tl r Newspapers There are two kinds of homeowners thinking these days about refinancing their mortgages: those who must and those who might. For the scores of homeowners facing balloon payments and possible foreclosure, the decision to refinarce paying off your old loan and taking a new one is simple. It must be done, or the property might be lost. investment," It is something that is yours." Steven Yates, regional manager for Utah Mortgage Loan Corp., one of the top 40 mortgage lenders in the country, explained the role of the lending institutions and the types of loans available. P Refinancing Mortgage A Question of Timing Knight-Ridde- Mr. Ayers told the audience adding that even if a home didn't increase in value, the equity earned and the tax breaks received make it a good investment. 11, 1982 Bruce A local Chinese PEKING (AP) Communist Party official, outraged by a state investigation into errors in, his personal life, threatened critics by chasing them with a pistol, a Canton newspaper reports. chief Ricks, former economist for the Federal Home Loan Bank in Washington, D.C., disagrees. Its a good time to start sniffing out the market, he said, but its a little premature to refinance. The Yangcheng Evening News said two people were injured in the one in a leap from the incident second story of a dormitory and the other when the official poked him with the gun. Needed for Lender These costs are incurred in the buyers behalf and are necesaes-sar- y to cover the lender." While Mr. Yates covered the conventional loans, Dennis Mansfinance profield, a single-famil- y gram officer for the Utah Housing Finance Agency, explained the low interest Utah housing money and the qualifications. These loans are based on the buyers annual income with a ceiling of $31,500 for a single person, $32,500 for two people, $33,500 for a family of three and an additional $500 per member after that. The agency separate:. Iioi.k i.u.. two categories: homes Unit ho.iie June 21, 1932, and homes mill uti.-that date, which is the date when the issue was offered. I Lending Limits Mr. Mansfield said the agency will lend buyers up to $48,87(1 for an existing home, although it can be appraised up to $52,870, and $65,000 for new homes, with an appraisal up to $69,000. The agency also requires a 5 percent down payment for the loans plus closing costs. For an existing home, on a loan of $48,870 the down payment is $2,470 and estimated closing costs of $1,800, the total would be $4,270. Adding principal and interest, mortgage insurance, taxes and fire insurance, the monthly payment would be around $538. For a new home, the buyer needs $3,250 for the 5 percent down payment and another $2,200 for closing costs, making the total cash required $5,450. The monthly payment would be about $716.98. ,L 'V ti Tl - . . tv t. , L.e.) it-g- Style Perfect Latex Flat Wall Paint Semi-Glo- - r- " J- - v " Jr. k ss Weather Perfect Latex Flat House Paint 'J . . $9.99 $10.99 reg. $13.99 reg. $14.99 59.S3 reg. Guarantee or limited warranty on all See label for details. All paints shown applied as directed. frfirni' $14.99 coat covera mmm OFF 40 OFF 0 20-3- regular price per single roll on select Wallcovering Sample Books SAVE 45-5- 0 reg. price HandCraft.. Our Finest Brushes! Delmar Softlight Shades Plenty of patterns. No seconds. Those figures are based on 12 percent interest. 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