Thinking about loan modification?

Have you seen those loan modification billboards up all over the valley? They show examples of monthly loan payments lowered from something like $4500 to $1800. I always wonder two things. First of all, who has a $4500 monthly payment? (Holy cow!) Second, what's the catch with these loan modification programs?

From a recent article in the Salt Lake Tribune, I learned more about these financing programs, which are part of the Obama administration's "Making Homes Affordable" program. It sounds like the program can help to lower a homeowner's payment, but it comes with a price. These programs can dramatically lower your credit score, making it much more difficult to obtain financing in the future. However, for those facing foreclosure, loan modification may be a viable option.

Check out the article for more information, http://www.sltrib.com/business/ci_14711988.

Or to get financing and home loan advice from top local mortgage experts, check out McArthur Homes' preferred Utah lenders.

Golfing Deals at Thanksgiving Point

Today is a gorgeous day at Thanksgiving Point in Lehi! From our model home on the 11th green, we've seen golfers out enjoying the sunshine all day.

To make things even better, Thanksgiving Point Golf Course is offering a special promotion. You can golf 18 holes (including a cart) for the price of the previous day's lowest temperature. (Or golf 9 holes for half that!) So, today you could be out enjoying the springtime air on this award-winning course for just $32 for 18 holes. For more information, go to www.thanksgivingpoint.com 
or call 801.768.7400

Thanksgiving Point Golf Course

3300 W Clubhouse Dr.

Lehi, Utah 84043

Open:  8 am - Dusk


While you're out here, come by our beautiful model home on the 11th green of the golf course. We've got just one completed home and one home site available at our fantastic Thanksgiving Village community! Click here to find out more about the amazing new home community.

Housing- A Great Investment

One of McArthur Homes' preferred lenders, Dan Davidson, recently shared this chart with me. It clearly shows that despite a slower housing market over the last few years, purchasing a home is still a great long term investment. In fact, home values are up 46% since 2000! Add to that lower interest rates and a Federal tax credit and you can see that now is an incredible time to take a look at purchasing a new home! For more information, visit www.mcarthurhomes.com.

Building a New Home- Part 2, Construction

After completing all of the paperwork, design selections and deposits (see Building a New Home- Part 1), it's time for the really exciting part to start- the construction of your brand new home!

PACKAGE & PERMIT
First, your builder will be doing all of the "behind the scenes" work, like creating a construction package which includes purchase orders for everything that will go in your new home. A superintendent will be  in charge of coordinating with all of the trade partners such as concrete, flooring, cabinetry, framing etc. This is the person who will keep your home on track throughout the construction process. Your builder will also apply for a city building permit. Depending on the city and the builder, these preliminary steps can take several weeks to a month or more. Then its time for the real building to start.

FOUNDATION

Using the approved plot plan, your superintendent will stake out the corners of the home on the property and provide instruction to the excavator on the depth of the hole. The depth of the hole is approximately 60" below the top of the curb for homes with a 30' setback, more for homes closer to the curb. After excavation (digging), a concrete company will pour your footing and foundation. Damp proofing will be applied to the foundation and then dirt will be filled in around the foundation. The fill dirt should be well compacted either by a settle-soaking method or using compaction machinery. The concrete company will also pour your basement and garage slabs in preparation for framing.

FRAMING
Perhaps the most exciting time during construction is the framing stage, where the entire shape of the house takes form. It can seem like the house is built "overnight" but complete framing usually takes 7-10 business days.

4-WAY
Immediately following framing, the rough-in heating, plumbing and electrical work are completed. An important city inspection, known as the 4-way inspection, signals the end of this phase and the OK to proceed to insulation and drywall. Your builder may also do a 4-way or Pre-drywall inspection with you to review with you the progress of your home prior to the installation of the drywall. The inspection is a good opportunity to gain a better understanding of how your house is built.

DRYWALL & PAINT

Once 4-way Inspections are complete, insulation will be installed and the drywall is hung followed by several coats of taping, mudding and texturing. Following drywall, the interior doors are hung and finish carpentry is started. Certain areas of the floor will not have baseboards installed at this time. Areas where there will be vinyl or other hard surface flooring will have baseboards installed after the flooring to insure a tight fit.

Preliminary painting will be completed next. Depending on your builder, trim may be painted a different color than your walls for a two-tone effect. When painting is completed, there may still be areas that will require further touch-up. During the next phases of construction, walls will be bumped, scratched and marked as other contractors work on the home. Don't worry! The painter will return and touch-up all needed areas before closing.

EXTERIOR FINISHES
Completion of the exterior of your home will move forward independent of work being done on the inside and may be subject to weather conditions. Exterior work on your home will typically include brown coating and stucco, brick or stone installation, fascia/soffit/raingutter installation, site concrete such as sidewalks and driveways and decks or landings.

INTERIOR FINISHES

After the painting is completed, things seem to go rather quickly, and you know it's time to start packing your bags to get ready to move. Typically, you can expect a closing date within about 4-6 weeks of painting completion. This is an exciting time because you get to see all of your personal selections installed as your house really starts to look like a home! Depending on what you chose for your home, interior finishes will include; vinyl, tile, hardwood or other hard surface flooring, cabinet installation, countertop installation, plumbing fixtures set, fireplace mantle set, electrical wiring completed and lighting installed, mirrors and other bathroom hardware installed, door knobs installed and doors hung, carpet installation and a construction clean to get rid of debris.

FINAL INSPECTION
Your home will go through many final inspections including a city inspection, a company inspection by your builder and a New Home Orientation, which is your opportunity to walk through the home with the builder's representative. At your New Home Orientation you should have the opportunity to become familiar with the operation of many features and appliances in your home. Brief instructions for caring for your new home should be shared by the builder's expert representative. Also, any questions or concerns regarding construction of the home should be resolved.

Congratulations! Your new home is now complete! Look for our upcoming article on the final steps of Building a New Home, including preparing to move, closing, moving-in, and your new home warranty. For more questions on the building process, see McArthur Homes' home owner guide by clicking here.

Please feel free to share this article with anyone you know who may be building a new home now or in the future. Thanks!

Washing your hands in the toilet...

As I was unable to attend the St. George Parade of Homes this year, I asked Dave McArthur to bring me back a few photos of trends or new products. Dave likes innovations that are a little odd or quirky so I shouldn't have been surprised when he sent me pics of this-

It's a toilet and a sink, all in one. Although it might look slightly disturbing, rest assured that clean water goes through the sink first and is then recycled as water to flush the toilet, not vice versa.

I did a little research on the internet and found that you can retrofit any existing toilet by adding a special sink lid and doing a little plumbing work. The toilets are actually catching on for use in very small bathrooms because you don't need any extra room for a sink. Add to that the Green-Friendly element of using recycled water to flush the toilet and you've got one quirky yet practical toilet trend.

A Recession Proof Home?

I recently read an article on MSN.com that posed the question, "What makes a house recession proof?" My mind automatically went to popular features of homes and floorplans, things like; energy efficiency, great rooms, functional kitchens etc. The answer the article came up with surprised me a little, but made great sense. According to Marilyn Lewis the thing that makes a house recession proof is....

Location, Location, Location. "Why? Because houses are replaceable, but land is not. If you've got a spot everyone wants, your place will sell faster and for a better price than a similar house elsewhere."

So, what should you look for in a good location? The answer varies depending on your state and city, but some commonly sought after location features include:

• Great school systems
• Safety
• Proximity to libraries, parks, playgrounds, churches
• Charming commerical areas nearby
• Low noise
• Good infrastructure like city sewer, water and sidewalks
• And of course, a fantatic view or limited location (like waterfront) always helps!

So, consider your location when looking to purchase a new home. This could be one of the most important factors for one of the biggest investments you'll ever make. Click here to read more of this article MSN.com.

Also, you can click here to check out our fantastic McArthur Homes' neighborhoods. Each of our communities boasts a great location with many of the important features listed above. For instance, Thanksgiving Meadows, our newest community is built around a beautiful new community center with swimming pool, parks and exercise facilities. There is also an LDS church located right in the middle of the community and it is next door to Thanksgiving Point, which offers charming shopping, gardens, a golf course, children's petting zoo, movie theaters and restaurants. Not to mention the great reputation of Alpine School District and the proximity to the Jordan River Trail for biking and jogging!

5 Tips from Home Owners to First-Time Home Buyers

I put a quick message out on Facebook asking home owners what tips they would give to a first-time home buyer. They came up with some great advice!

Here are 5 tips to keep in mind when purchasing your first home:

1. Meet with a lender to see what you qualify for before you start shopping. This is step number one. -Dallas Jensen

2. Think about lights! Where would you natural try to flip a light switch, and where would you want any extra lights? Under the stairs? In a closet? Extra lighting in the bathrooms and kitchen? -Miranda Price

3. Shop around and do your homework. Every builder has a different style. Also, make sure the layout of the rooms will work for you. -Melissa Briggs

4. (Think about) Life style, what kind of neighbors do you want? -Loralee Miller

5. Create a "WISH LIST" of pictures that your ideal home would look like. Identify your personal style this way by finding common traits then use the Design Studio to find ways of recreating the look you like within your budget. This is what I did and my house turned out EXACTLY how I wanted it!!! -Sara McArthur

So enjoy the process of building your new home and don't forget to ask veteran home owners for advice along the way! Visit www.mcarthurhomes.com for more information on new homes in Utah.

3 Reasons Why NOW Might be the Best Time to Buy

A recent article sights low interest rates, soon-to-expire Federal Tax Credits and low home prices (possibly rising) as 3 great reasons to consider buying a home now. The article, by Jim Gallagher, suggests that now could be an ideal time for first-time home buyers and move-up buyers. From RISMEDIA.com:

If you have a good job and good credit, the next few months might be a good time to go house hunting. Fence-sitters take the risk that Congress may let a rich tax credit expire, and that interest rates may rise. Buyers and sellers should consider the following factors as they consider jumping into the housing market.

Mortgage rates are blissfully low, and that may not last.  Read more...

The home buyer tax credit expires on April 30, 2010 and no one knows if Congress will renew it a second time. Read more...

There are indications that home prices are near a bottom in some areas and may actually be rising a bit. Read more...

 Interested in finding a new home? View floor plans and quick move-in homes by McArthur Homes.

Building a New Home- Part 1

After working in the home building industry for many years I've noticed that first time (and even veteran) home owners can get confused by all of the deadlines, deposits and decisions going on in a relatively short period of time. So, here's a quick primer of what to expect when purchasing a new home:

1. Choose your Home and Neighborhood

First you must sift through all of the available homes out there to find a builder, neighborhood and floorplan that fit your family's needs. Many home owners these days are starting their search online, then visiting a few neighborhoods in their area of interest. Look for a builder with excellent customer satisfaction ratings who responds to your questions promptly and accurately. Once you've decided on a builder and a neighborhood, you can choose a floorplan and home site that fit what you are looking for in a new home.



2. Writing the Agreement

This is the first big step, and sometimes the scariest for first time home owners. The builder's sales associate should review this agreement with you completely and make sure all of your questions are answered. The main points of the agreement outline which home you'll be building and where, the price, deadlines for completing selections and making deposits, and general disclosures from the builder.
At this time you will also pay an Earnest Money deposit. This is a smaller deposit of $250-1000 depending on the builder and the size of your new home. Many builders will make this a refundable deposit, giving you a few days to be sure of your decision. Others require a non-refundable deposit. Make sure you know which you are paying.

3. Apply for a Loan

Once your signed Agreement is in place, you can apply for a loan and receive a Good Faith Estimate. This will let you know exactly how much loan you can qualify for and what your closing costs will be. (Of course, it's always a good idea to talk with a loan officer before signing your agreement, so that you have a good estimate of how much you can afford.)

4. Design Decisions

For many new home owners, choosing interior and exterior finishes is their favorite part of the process. One of the best things about owning a new home is that you can pick finishes to suit your budget and personalize your new home. Look for a builder who features a state-of-the-art new home design studio with professional design consultants and clear pricing information. You should be able to visit the design studio several times to choose finishes such as paint, countertops, cabinets and flooring. As long as your home is not yet under construction, you should have about 25 days to finalize those decisions.

5. Home Start Meeting

Also known as a pre-construction meeting, this is a final review of your plans and decisions for your home. Make sure you get answers to all of your questions before construction begins.

6. Construction Deposit

This is the final step before construction can begin on your home. A construction deposit is due, generally in the amount of 3-10% of your total purchase price. Most builders will require you to pay this about 30 days after you first sign your agreement. This deposit is non-refundable, meaning that if you don't close on your home, the builder will keep your deposit as damages. However, when you do close on your home this deposit is credited to you and can be used for your down payment.

Now it's time for the exciting construction phase of your new home process! I'll write more about what to expect during construction in a later post. In the meantime, please share this with any friends or family who may be building a new home in the future.

You can also visit the McArthur Homes website for an in-depth look at our building process.

Love at Home

I recently heard this adorable Valentine's Day story from two of our McArthur home owners, Matt & Melissa. Last February, their home was under construction and this is what Melissa said about it on her blog,

Our house has the stucco and rock on now and is primed and ready for paint. It is so fun to watch everything we have picked out come together in real life! We go down at least once a week and just walk around in awe of how fast it seems to be coming together! While we have been EXTREMELY blessed to have such a beautiful home to live in (with the best roomies in the world-my parents) we can't wait to get into our house.  

That Valentine's Day her husband planned a creative surprise for Melissa. They were both so excited about their new home, that he decided they should have a romantic Valentine's breakfast there. Matt even decorated the table with confetti, ribbon and romantic candlelight! Talk about husband of the year!

We hope these two wonderful homeowners enjoy Valentine's Day this year in their beautiful new home!