New loan program gets sellers off the fence

Our financing partner, Guaranteed Rate Affinity, just introduced a new program that should help folks who want to buy another home but won’t list their property right now for fear of being homeless if they can’t buy what they want. They don’t want to be a buyer in this competitive environment. 

Called a cross-collateralization loan, you can now use the equity that’s built up in your current home as collateral on a new home without selling your current residence. So go ahead and make a non-contingent offer on your next home for 100% financing. 

Additionally, this program gives you a 75% loan to value option up to $2 million and 70% loan to value up to $3 million. Want to go to $5 million? This will give you a 65% loan to value option. 

You have a year to sell your current residence and then pay 20% don from the proceeds of your current home toward the new home. That also triggers a rate reduction. Here are a few more details: 

• You must qualify for the full loan amount
• The loan must be in first position for both properties
• Your current home may be listed
• An appraisal and preliminary title report is required on both properties

Want more clarification? Call my loan partner, John Harrison at 801-404-9796. 

Exclusive Look helps Coldwell Banker clients through their agents learn of new listings that are not yet on the Wasatch Front Multiple Listing System. These listings cannot be advertised publicly until they hit the MLS. But Coldwell Banker clients through their agents have access to them in advance. Briefly, here’s what is available today: 

• A single-family home in West Jordan for $739,000.
• A condo in Salt Lake City for $375,000.
• A lot in Wasatch County for $625,000.

Agents may also post buyer wants on needs on the internal website. To get more information on these or other listings that are coming soon, please call me at 801-360-9133. 

Our May Clients For Life contest is in full swing but few of you have entered. Check your email for an invitation to enter, then just click on the entry button to enter the drawing. I just re-sent the email. This month Coldwell Banker is giving away cleaning supplies from Better Life.  

• $1,400 in prizes: 3 Grand Prizes, 
• 14 House Warming Kits, and 
• 28 Starter Kits 

To enter, just click at the appropriate place. Nothing to buy, nothing to fill out. It’s just our way to help you keep us in mind. 

 Fence Sitter