Show --- e-- I't ! - Advertising supplement produced by the Newspaper Agency Corporation 07 TribuneDeseret Morning News Saturday March 0 2004 That Salt Lake Corn any tailors home loan to suit needs 1 :With variety Associated ofproducts on hand Associated Mortgage assists can help homebuyers save money :By Deedee Huft i - For decades the dream of owning a home meant looking forward to the :day when 30 years after taking out a -mortgage you owned the home free and clear You lived there until illness or infirmity forced you into a nursing home These days buyers are less likely than ever to purchase a home with the :expectation of living in it for 30 years -- or more Builders even acknowledge the different stages of homeownership by -designing and marketing their products "move-up- " and "ex:as "first-timecutive" homes and even "the last : e" :home youll bu9" Some homeowners plan to stay in the ‘ area for two tO five years at most :Others who initially qualify only at a N'ery high rate may be looking to refi:nance their hom4 at a lower rate within 4a few years : Why then are so many people still 4taking out 3016 mortgages? "You hear all the time you should go ith the lowest rate" says Ming Mackay managiog member of ASs(?- :ciated Nlorthage' "And it can still be :the best product Ibr some people IN secure and the fates are fixed" The drawbac40 "Even though the t Interest 'rate may seem low there may be a product that better fits your intliAidual circumstance" Mackay says :"People are losing thousands of dollars every time theYbuy a home or IF it because they're buyingi the i mince !wrong mortgage product" One mistake people make she lays t tying up !whey in a mortgagelhat :they could i bc putting into an '11 ' 4 ifAie i'-'- 4 r7!) ' 4 flj t') - ror ) r'' ' vt' ' 1 ' A i c4 L''t 4 b-- ix 1 t 'o: k 1 t I Some homeowners are actually buying "negative amortization" products Mackay says "That means their Monthly payments are less than even the interest so their liability is actually growing" Even products that seem like the best deal are not for everyone she points out With an Fl IA loan for example "even if it has a lower interest rate than a conventional loan the difference may be negated by premiums for mortgage insurance which the FLIA requires but which the borrower may not need" Getting the best advice from the most experienced mortgage professional is essential Mackay says "because net all products are suited to your I ' t '41 it ''''4 A '1' '4 i' "olfrw''' - '4 ' i 4 -- 1 '' -- - 4 1 '4 t 'i: ' ':- - c: f ' 4‘ kts 411 k A n a i: : ' i 4'1 1 '6 ''' t 1 é I J ' grT:p4Ii ' ' ' - temperament current and projected future earnings — everything" She adds that managing a mortgage is an ongoing process "In order to max imie your savings over time you Ii e to manage your mortgage as you would a portfOlio" she explains "Some of my customers ‘vatch I10- year US Treasury notes because it's an index that affects mortgage rates When the bonds strengthen and rates get better they call me to see if it's time to refinance or to have me actustart getting the package ready so they can lock in the best rate "Or V hen interest rates drop" she says "we might call a client with a loan to find out if they'd like to loan andI slightly move to a higher monthly payments" The loan onicers at Associated Mortgage have a combined 70 years of experience They not only know all the products available their objective is to tailor a mortgage to every homebuy- er's own circumstances "We keep growing because of repeat business and referrals" says Mackay "Our customers keep coining back and telling their friends and relatives about loan with a In contrast a slightly higher interest rate of 5625 percent adds only $ I 586 to the monthly payment "It will take 18 years for the $1586 3 ou save to equal $3500" Mackay exclaims "If you sell your home before then or refinance you've lost no-co- st money" closing costs Paying the front brings up monthly payment down to $82830 but "you're out $3500 which will take more than eight years to recover and it's money you could have been using or invest- ing" she says loan Mackay Refinancing a adds incurs "absolutely no closing et 30-ye- ar 20-ye- ar no-co- st 1A - positive experience when using the services of Associated Mortgage whose team of loan officers has more than 70 years of combined 'i ' '1 0 t - A - ri :i The problem is she says r- "people aren't buying or refinancing a home every day so they don't have a lot of experience with home mortgaging" She compares it to tax preparation "You're looking for advice and guid- ance relevant to your circumstances You want someone who takes into consideration goals your TrA i tl ALMOST GONE - Davis County 4 1 !— t 1 i '' - - - '4 T 'Book helps narrow paint color choices :: l' 1 ' ' ' :: ''-'- r I By Mary Beth Breckenridge Knight Ridder Newspapers : See BOOK Page 541-506- ' 492-059- 8 in Woods Cross ")111'"Atii4 t '-- 't ? ' "r '' - i N I 411 8X ea go ASSOCIATES i V ' r4-2- - 7"-1- -1 1 01"4I !- 1 ' : ri t LJ it - - ti ) DRAPER ItIEDGEWOOD FOXlate oo Farms Hoiiow 12600 S 300 E Starting at Sosq son )111 12500 S 600 E Starting at $252 90Q 1"Wil 44141 ill ikl - ::"N tg' Vest ! 4' ''' ' "rsk t! '' ' ''it ' '?: ' 4'N' 4 i'' T "0 115:- 't b'''' i " 'ii P! ' usi R11 n Homes '' - Canyon View Estates 4 I IOU West Meadow Brook I ane (200 South) Lehi Utah il 801-766-59- 36 1 7 ' 1 i 11- Homes MI I'S FINEST MAGI MORI 100DS 1 1 '''''l a l'am'1-11re I i- Symphony t ' -- --- 4 4 1 jy4 t :1' tu it 11t A ' i luzigg LI) ' t 1 Dusk 55 -: 22 Perry : 1 - We are currently offering great incentives n I loo south 5200 (l I' ' '' filt i 1 I I — Purchase a Home in Canyon View Estates before February 29 2004 and receive a f'l i FREE What you look for in a home in t 4z- - Noon- t Mon-Sa- 0 t i STONE 0 " ' 4 t 1i 4 Models Open Si6)000 GATE I kI I a tgv Subdivisions I 5 1' 2 I Cedar Hills in trw : t 'I 3 6111111111TINE 1 1 Semilustom Homes with Unsurpassed Detail and Craftsmanship 801-298-85- 968-12- kl 44t ' ''''4 rog "V -- F:: WWWDAKOTA1 I OMESI NCcom ' tk - Avelci )I1 1 wegnoumeozioN '''k Dakota H - : I 1 l' 4 (Purchase a Dakota Moine in March and re(eive a $1500 PC Willey Shopping Spree upon successful closing') ' I Vr t ' 4 Homes and a $1500 Furniture Shopping Spree! ) ' Choosing a paint color is hard enough for many people Choosing an entire palette can be confounding Kevin McCloud is out to help the befuddled masses narrow their choices with his new book Choosing Colors McCloud an interior designer and host of the British TV show Grand Designs has developed more than 60 color palettes comprising more than 700 colors A photo accompanies each palette showing how it can be used in a room The palettes were inspired by historical regional and cultural sources including time periods natural settings and even foods like vegetables and ice The paints are cream sundaes - 0' I (see map page for lootions andI models) Award winning Custom and in March with Dakota ' I -- 4 1 V MAKE youRsELF AT HOME e tt:lit:'- 1 a 1 r ' Orchestrating Your Dreams in 12 Communities in Salt Lake and 4 4 ! Page G12 See MORTGAGE GOING GOING 10 t 4r t o of $84763 Financing a home can be a 'It v4t'Ataxt4gtrm- 1 : ill1 ' fixed-rat- e loan at 525 percent with closing costs of $3500 Mackay shows that adding the closing costs to the loan results in a monthly payment no-co- V "" l— ' 30-ye- ar no-co- st ' "'''' 4t k'' ‘ '' no-co- st ''' ' " ' t costs" - 4 i t- - particular circumstances" She says homeowners are also losing money in the way they pay Closing costs "I advise my clients never to pay closing costs for a mortgage" Mackay says "because they will typically not be in a home long enough or have the same mortgage long enough to make up the difference in payments over closing costs People who know they're only going to be in a home two to five years or who plan to refinance within that time will save thousands of dollars with a mortgage" A mortgage is not the same as the more common practice of tying closing costs into the loan she st loan the emphasizes With a broker pays the fees by adding "maybe half a percentage point" to the interest rate Using as an example a $150000 '411'' I ''''' 1 001'' '''''' homebuyer's specific needs i -- -- 4- i'4 1 ' ' A ''' 14 ' 1 ! 1 Because the company offers such a variety of products it can cater to a 1 i 1 new home ''''''''''' 4 1 - - l''' -- 1 ' r A lilt 1'1'i - ' '' i:r V I ilj i ' I''' )1 nor'- "4- - ' t tr': '" "" themselves" ' rs the financing of a investment plan such as a 401 K "Some homebuyers who can afford it take out a I mortgage which applies more of the principle to the loan earlier" she says "But that ties up money they could be putting into say a 401K ‘vhich will have more of a compounding effect on their money and typically give them a higher return than what they're saving on a low-rat- e mortgage "The point is" she emphasizes "you should buy the product that fits your circumstances A mortgage is typically the biggest investment of your life You should spend more time evaluating your options than we see a lot of people spend "People will drive across town to save 10 on a blouse but they don't put any time into thinking about how to save thousands of dollars on interest over a lifetime money that could for their children's college educapay tion or a comfortable retirement for :Special Contributor home-buye- in Go to wwwalpinehomescom refrigerator! for details The Cove at Oak Vista at Sun Crest Draper - starting in the Highland Hills Highland - starting in the $240's Jordan Hills West Jordan - starting in the S150's Sugarplum West Valley starting in the $150's Homes starting in the low $150's Sweat Equity Options Includes 4000 sq ft Sod Stucco and Brick Exteriors $250's °r-- 1(1 -- CI wwwcdpinehomescom - ITINE II 0 b Unbelievable Value Up to $4000 Paid Closing Costs $1 450 Landscape Allowance I 5 to 13 acre lot sizes Let us show you 'why Utah is Coming ilome to Perry Homes M E S wwwperryhomesutahcom :7" I 1 !I COPY ) |