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Utah
Dream swimming pools
Summer is about here in Utah, and many of our physician clients dream of having a pool. Here are some dream swimming pools that were found on realtor.com.
To see more pools, please click here.
Cameron Herold: Let’s raise kids to be entrepreneurs
Bored in school, failing classes, at odds with peers: This child might be an entrepreneur, says Cameron Herold. In his talk, he makes the case for parenting and education that helps would-be entrepreneurs flourish — as kids and as adults.
Google Fiber coming to Provo, great news for Provo physicians
Physicians and dentists planning to move to Provo, there is great news for you! On April 23, the Provo City Council approved the Google Fiber 
purchase of the iProvo network in a unanimous vote. Google Fiber is coming to Provo, with first implementations in place by the end of 2013.
Provo will be the third major U.S. city to receive superfast 1 gigabit speed (translation: 100x faster than the speed available to average U.S. residents today.) Mayor John Curtis and Google Fiber Head of Community Affairs Matt Dunne noted that while Provo is the third city announced in the Google Fiber network, Provo will actually be the first city connected due to the high-speed fiber already in the ground. At the meeting, Curtis and Dunne estimated the first upgraded connections should be completed by the end of the year.
Sales of new homes in US up
The economy is continuing to improve, which is welcome news for physicians, resident physicians and dentists moving into Utah or looking at
buying a new home.
Sales of new U.S. homes advanced in March as near record-low mortgage rates helped the industry complete the strongest quarter since 2008, putting the economy on firmer footing.
Purchases of single-family properties climbed 1.5 percent last month to a 417,000 annual pace, Commerce Department figures showed today in Washington. The median estimate of 76 economists surveyed by Bloomberg called for March sales to rise to 416,000.
Shares of homebuilders such as Toll Brothers Inc. (TOL) rallied as cheaper borrowing costs and rising household formation bolstered demand. The figures underscore the view of some Federal Reserve policy makers that residential real estate will contribute more to economic growth this year.
“There is momentum in the housing market, in that inventories are lean, prices are picking up, and people are trying to buy, which is fueling the recovery,” said Daniel Silver, an economist at JPMorgan Chase & Co. and the second-best forecaster of new-home sales in the past two years, according to data compiled by Bloomberg. “You’re seeing spillover in the housing market from broader economic improvement.”
Thanks to bloomberg.com for this post. Go here to read the rest of the article.
How does IBR or Income Based Repayment affect qualifying for a Physician Loan?
This is a question that I get all the time, so many of my clients that are moving into Utah residencies, or into internships have IBR. Income Based Repayment can really be a foreign thing to most underwriters and most originators and something that they just don’t duplicate or wrap their arms around when originating a Utah doctor home loan.
The Income Based Repayment plan and how it affects your loan really depends on what type of loan we put you in. So, there’s a different set of guidelines and different loan programs look at IBR differently. FHA, conventional and our Physician Loans will all look at that just a bit differently.
I’ll go back to one of the key points and one of the things we really bring value to our physicians, is that we offer solutions. So the first thing that we’re going to do is have a consultation, often over the phone. I’m going to ask some key questions, and once I have the answers to those questions I’ll be able to tell you exactly how we’ll calculate IBR.
There are some programs that don’t count any payments when you’re in IBR, there are some programs that just count the IBR payment and then there’s some that want to count the full blown payment. But after our initial assessment I’ll be able to tell you how it exactly will work with your particular situation.
Copyright© 2013 JLM Industries All Rights Reserved
Investment banks eye Utah
There is even more good news for the Utah economy, making the decision about whether to buy a home for Utah physicians, resident physicians and dentists even more clear. Now is the time!
A word of warning to Ivy League Excel jockeys heading to Wall Street: You may end up in Salt Lake City. It’s a long commute to the Hamptons, and the nightlife can be … well … sobering. Then again, think of the skiing.
Utah, already home to 5 percent of Goldman Sachs workers, is gaining momentum in its bid to be Wall Street of the West. State economic development officials say they are in advanced talks with three major banks on projects that would bring an additional 1,000 securities jobs to Salt Lake City.
Kids, Home Prices and Stock Markets all Soaring…
This month I thought I’d share a picture I bought from the local Salt Lake City Paparazzi. As you can see, Aria and Z-Man were trying to escape being photographed via cool shades and “blankeys”, but as Britney Spears knows all too well, the Paparazzi always gets their shot…
In all seriousness, is this too cute or what? Aria loves her sunglasses and walks around the house saying pretty, I’m pretty as she’s models here different shades (yes she’s 18 months old).
Downright scary is what it is! How much time do I have before she burns out of the driveway in a convertible red Mustang, top down & music blaring? I’m in so much trouble. My only hope is I can bribe Z-Man to beat the crap out of all her boyfriends!
And speaking of possibly growing up too fast…
Home prices are rising, up over 25% since the bottom in 2009 & the S&P 500 (the largest 500 companies on the stock market) is near all-time highs. I’ve included a couple graphics that communicate what’s going on in our global real estate and stock markets today. At the root of this run in prices is a recovering economy to some extent but also the incredibly low interest rate environment and loose monetary policy set by the Federal Reserve.
Keep reading Kids, Home Prices and Stock Markets all Soaring…
The Five Big Money Items You Should Do As A Utah Resident Physician
The whitecoatinvestor.com has written another informative article that we wanted to share with resident physicians who are moving to Utah this summer. Welcome, we love it here and hope you will, too!
Residents are busy folks. Their time is consumed with clinical work, clinical learning, and sleep. What extra time they have should be spent with their loved ones and on other activities that keep them sane. But at some point, there are a few financial chores that it would be foolish for a resident to ignore.
1) Life Insurance
If someone depends on your income (AKA a spouse or children) you need life insurance, you need a lot of it, and you need it now. Read about how to do that here
keep reading The Five Big Money Items You Should Do As A Utah Resident Physician
Is The Housing Recovery For Real?
A recent article in Forbes magazine about the housing recovery had great news for dentists, physicians and PhDs moving to Utah who are looking at whether buying a house is a good financial decision. Buying now makes smart financial sense, and here is why:
The article points out that in nearly every market, potential buyers are better off financially owning than renting. Another blog quoted by Forbes shows that buying a home is still 44% cheaper than renting despite rising home prices.
Forbes also states that housing prices are in line with income in all but the most expensive coastal markets, and even in our coastal cities, price-to-income ratios are very reasonable by world standards. The post ends with this line: “That would mean that all signs point to the foundation of a real recovery.” We love helping doctors achieve their dream of owning a home!
What Makes Us Different – Solutions and Service
There are a lot of things that make us different, there are a lot of loan products, but really I’d boil it down to two key points.
The first one is solutions. The unique thing about what we offer is that we have specially trained underwriters, processors and originators who are underwriting to the exact specifications of the different issues and challenges that physicians have when getting a doctor home loan. So, when other places say that you don’t fit the guidelines for a conventional or an FHA loan, they’re looking at it from a perspective that doesn’t have the same kind of experience that we do with physicians and those unique situations. So, solutions through our physician loan products and even our conventional and FHA products is something we bring to the table that is unique to us.
The second thing is service. We’ve had the privilege of working with hundreds of physicians and what I’ve come to understand is that you have a very heavy workload, stress load – oftentimes relocating, moving between jobs or between residency and jobs. It’s a lot of stress that if you pack a complicated mortgage process on top of it, can become too much to handle. So we get good at asking the right questions up front, getting the correct documentation up front, and making the process as easy and stress free as possible.
So the two things that make us different – the first is solutions, and the second service. It would certainly be our pleasure to help you with your next home.
Copyright© 2013 JLM Industries All Rights Reserved
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