Archive for March, 2012

Good Credit Important in Today’s Economy, by Inwest Title, a Utah Title Company

Friday, March 30th, 2012

Did you know that 79% of all credit reports have an error on them? And one in four has an error big enough to keep you from obtaining credit.  In today’s economy it is more important than ever that we be aware of what’s in our credit report.  You can obtain a free copy, direct from the three credit bureaus- Experian,  Equifax and TransUnion- by going to www.annualcreditreport.com. You can receive them all at once or access a different bureau every 4 months which gives you the advantage of seeing your credit report more frequently. Whichever you choose, here are a few tips to maintaining a great credit rating:

1)  When you get your credit report, go through it line by line.  Make sure everything is correct-include your personal information like addresses, social security number, birthdate,etc. Keeping the little things accurate will help avoid big problems (like your file being merged with another person with a similar name) in the future.

2)  Pay particular attention to your revolving debt (credit cards). To maximize your credit score, it’s a good idea to keep your credit balances at less than 30% of your credit limit. The balance you see on the statement is typically the balance that appears on your credit report-even if you pay the balance in full each month.

3) Avoid getting a collection account if at all possible. If you are contacted by the collection agency, you have 30 days to resolve the problem (pay the bill or show them the error) before it appears on your credit report. Once it’s on your credit report, however, it’s very difficult to get it removed. Collection accounts can lower your score dramatically even if you’ve paid everything else on time.

Remember that knowledge is power. Find out what’s on your credit report and take an active role in keeping it accurate!

For more information on how to improve your credit score you can contact Brenda Eldredge at Credit Smarts, LLC. creditsmarts@yahoo.com

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance please contact your nearest Inwest Title office. To find the office nearest you, go to www.inwesttitle.com

Looking for HOA information?, by Inwest Title, a Utah Title Company

Tuesday, March 27th, 2012

We often have Real Estate Agents and Lenders asking for Home Owner’s Association(HOA) information. Sometimes it is very time sensitive, other times it is less urgent. There are sometimes transfer fees or other fees associated with buying or selling real property that is governed by an HOA. While we are able to assist you with HOA information, a new state law will make getting HOA information easier for you and your clients.

The law now requires all Home Owner’s Associations to register with the Utah Department of Commerce and submit basic information including the main HOA contact person. HOAs will not be able to charge arbitrary transfer fees or other fees unless they are listed in the Covenants, Conditions and Restrictions (CC&Rs). Nobody likes surprises at closing and this law will help you prepare your clients for any fees by being able to know well in advance. It also helps Inwest Title to get this information for settlement statements with more speed and consistency.

There is now a publicly accessible registry for HOAs so that you or your clients can access the information you need during your due diligence period. You may want to pull it up and contact an HOA representative to determine what services the HOA fee covers (insurance, garbage, water, sewer, cable etc.). This will help you to provide your clients with the most accurate information. You may choose to direct your clients to the registry to let them be the ones to find out the information that is of concern to them. You can determine which way it will best serve your business needs. This resource will help buyers, sellers, realtors, lenders and title companies. It is a good thing for all of us.

Inwest Title is committed to providing the best service possible and we will continue to assist you with any HOA information you need for your transaction. However, we also want to make you aware of all resources and the newest information that can help you and your clients. These new resources can save time and may help to eliminate unexpected fees or problems at closing.

You can access this registry at

https://secure.utah.gov/hoa/index.html

You can read the full bill at

http://le.utah.gov/~2011/bills/hbillenr/hb0104.htm

If you have any questions about these new resources and how they can affect your clients, or if you just need any information to assist with your transaction, please do not hesitate to contact us. For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance please contact your nearest Inwest Title office. To find the office nearest you, go to www.inwesttitle.com