Questions and Answers About Your Credit

Posted by FieldStone Homes on September 6, 2010 | Be the First to Comment

Credit Score Q & A

Credit Score

Question – One of my credit card companies just closed my account because it was “unused”.  I seldom used the card but when I did, I always paid the balance in full when I received the statement.  Since when is that such a bad thing?

Answer - The problem is with the credit card companies, not in your management of your debt.  They are in the business of making money and using the card in the manner you did (which is the right way, by the way) was not generating them any money.  But, you still posed some amount of risk, even if it was minimal.  Assuming you have other open credit cards that have been open for some time and that you carry low balances and pay on time, I doubt that the closing of this card impacted your score by much, if at all.

Question – My credit is horrible!  My highest score is only 520 and my lowest is 435.  What if I just stop making payments on my mortgage and the bank forecloses?  Can my scores go down even more?

Answer – Yes, your scores can decrease even more!  The range for the FICO score is 300 to 850.  At your current scores you will find it pretty much impossible to get approved for any type of credit.  In fact, I would avoid even applying because you don’t want another inquiry on your report.  Any new negative credit (like a foreclosure) will not only lower your scores but will also lengthen the life of your low scores.

Most negative items affect you for at least 7 years after it hits your credit report.  Each time something negative is added, you start from scratch again with another 7 years on that account.  Also, the scoring system severely penalizes you for recent negative items but over time they have less impact.  It’s time to draw a line in the sand and don’t let that happen again.  Concentrate on paying the debts you have on time and allow the old negatives to age out and eventually fall off.  Bad credit doesn’t affect you forever so it’s time to look forward and start the long process to improvement.

Question - I am an authorized user on my mother’s credit card.  She lost her job a few months ago and I just found out that the credit card is now in collections.  Will that hurt my credit?

Answer – If the account is being reported on your credit report then, yes.  However, as an authorized user, you have no responsibility to make the payment – you are simply authorized to use the card – so you can dispute the account with the credit bureaus and get the account removed from your credit report.

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Obviously your credit score would have a significant impact on your ability to purchase a new home in Utah.  For more information about your ability to finance a new home call 888-986-9468.

Waterproofing an Atrium Door

Posted by FieldStone Homes on August 31, 2010 | Be the First to Comment

I heard recently that another division of Fieldstone Homes was having some problems with leaks at back doors.  This is a tough one to solve because the leak could be coming from the door itself, the exterior siding or stucco, or just from severe wind-driven weather.  With the addition of a little, white, plastic pan under the door frame, all of these potential leak areas become much less of a problem.

This past week I took some photos of an atrium door installation and thought I would share them here with you.

The first thing needed for a door (or window) installation is proper flashing and layering.  With flashing of any kind, you always start at the lowest point and overlap it from there.

For a door, first the sides, and then the top piece of flashing paper are installed.

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The pan is set into a good thick layer of quality silicone.  Notice how the pan has a lip on the inside and notches on the outside.  It is also sloped down from inside to outside.  All of these small details keep water that hits it flowing to the outside the structure.

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After the pan is secured, the door is set in place and attached with screws through the jambs.

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This has been a great system that has saved our customers countless headaches due to leaks at atrium doors.  I hope it will be as useful to our other divisions as it has been for us in building new homes in Utah.

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$5k Assistance on New Homes in Weber County

Posted by FieldStone Homes on August 30, 2010 | Comments are off for this article

New Homes in Weber County Just when you thought all government assistance was gone, Weber County steps up to help out their first time home buyers with a $5,000 down payment assistance program!

The Weber County Housing Authority says it has money available to help 45 first time home buyers purchase a home. First time home buyers need to contact the Weber County Housing Authority and qualify by meeting certain income limits. Home buyers that are short on cash for the down payment can use this $5,000 toward their down on a home.  The only stipulation they require is that if buyers are going to use this down payment assistance, then they also need to provide $2,000 of their own money and complete a buyer education class to qualify for the funding.

If you’re looking for new homes in Weber County, then give Hidden Willows a second look.  You will be impressed with these new homes.  For more information, feel free to contact Margaret at 801-301-1575.

We Do Not Make Excuses

Posted by FieldStone Homes on August 22, 2010 | Comments are off for this article

Hey, Clark here from FieldStone Homes…

no-excuses I’ve been trying to work out some concerns with a local business.  After weeks of getting nowhere, I finally got so fed up with their lack of response, I asked them to terminate my account.  Within an hour, I got a call from the president of the company, asking me to stay with them.  I listened and agreed to try it again for three months.

Today, I got an emailed apology from my regular contact at the company.  Unfortunately, the email also included a long list of excuses.  And they weren’t even good ones.  Six weeks of no response, and this was the best she could do?

I was raised with the idea that no excuse was a good one, no excuse was acceptable – Reasons are okay, excuses are not.  It took me a long time to discover the differences between excuses and reasons.  Eventually, I understood it has to do with accountability: If you could do something but didn’t, it’s an excuse.  If the matter was, in fact, out of your control, it’s a reason.  The more accountable you are – or the more you take responsibility for the outcome – the fewer reasons you will have.

In the Warranty Department at FieldStone Homes, we don’t make excuses.  We can either help you or we can’t, and we try our hardest to help when we can.  If something goes wrong, we acknowledge the mistake and move on.  If you feel like you are getting an excuse, please call us on it.

FieldStone Homes builds new homes in Utah.

Review 4 Items Before Buying New Home in Utah

Posted by Brenda on August 12, 2010 | Comments are off for this article

Approved Mortgage application form with a calculator and pen Are you ready to buy a home but not sure where to start?  My suggestion is to get pre-qualified for a home loan before you start looking seriously.  Why?  Because you don’t want to fall in love with a home and find that you don’t qualify for that price home or, worse, that you don’t qualify at all.

You’ll want to work with a reputable lender, so ask friends and relatives for referrals.  Meet with the lender in person at his office so you get a feel for the company and the loan officer.  Ask lots of questions!  This is a big purchase and you have every right to understand the process.

There are several pieces to the puzzle of getting a loan and there are many, many variables depending on the type of loan you are getting, your credit, down payment, interest rate, etc, but here are some of the basic requirements for an FHA loan as of this writing:

  • Income:  Generally (this varies) you can use about 43% of your total gross allowable income for your house payment (including taxes, insurance and mortgage insurance) AND all of your other monthly contracted debts (typically those showing on your credit report).
  • Down Payment:  You will need at least 3.5% of the sales price of the home for your down payment for an FHA loan.  There are very few 100% programs available but if you are a veteran, be sure to tell your lender – VA loans are a great option!
  • Credit Scores:  At this time most investors are requiring a 620 score or higher.  You will generally have one score from each of the three credit bureaus and they will use the MID score for ALL parties that will be on the loan.  Oftentimes, just lowering your credit card balances to 30% or less of the limit will increase your scores but remember that closing credit cards can actually cause your scores to go down. Read more about the importance of credit scores when buying a new home.
  • Credit Content:  Lenders also have guidelines on what appears on your credit report.  For instance, if you’ve had a Chapter 7 Bankruptcy in the past, you will have to wait at least 2 years from the date of discharge even if your scores are high enough.  You will also have had to re-establish good credit to show your financial situation is now stable.  Judgments must be paid so they don’t affect the title to the property.  If you are behind in child support, that will have to be brought current.  If there are collection accounts on your credit report, you MAY be asked to pay those at closing.  (Note:  if you are planning on purchasing in the near future, DON’T pay collections until closing because that often LOWERS your credit score).

Overall, realize that the loan process is complicated but if you are working with a good lender, you are in good hands and you will soon know the joy of moving into your new home in Utah!

Most Common New Home Service Requests

Posted by Clark Graff on August 9, 2010 | Comments are off for this article

Hi, Clark here from FieldStone Homes Utah!

I asked my friends what I should be discussing in this blog.  Most Common Problems seems to be a popular subject.  It’s also a subject the FieldStone Homes Warranty Department proactively focuses on for all new homes in Utah.

The tool we use to track the most common requests is a monthly report called the BIG 5.  As you might expect, the BIG 5 is a list of the five most common items.  We come up with the list by looking at requests from five different points of view.

  • Uncommon Frequency – These are normal items that happen more often than expected.
  • Hassle to Customer – Here we have big items that no one should have to deal with.
  • Unnecessary Expense – Items that are starting to cost a lot every month.
  • Safety Concerns – This would include homeowner and general safety issues.
  • Quality Issues – This is where we focus on defective parts or installation practices.

We won’t necessarily have one BIG 5 item from each category each month, but these are where we look to come up with the list.  Once we have five items, we focus on them for the next month.

Often the lists are seasonal in nature (sprinkler systems in summer, heaters in winter, etc.).  I will focus on individual items as the months go by.  In the mean time, if you have any suggestions as to warranty or new home maintenance issues you would like to see addressed here, please post a comment and I will be sure to reply.

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New Homes in Stansbury Park, Utah

Posted by FieldStone Homes on July 28, 2010 | Comments are off for this article

Stansbury Park is a recreational hotspot!

picture266 Do you ever find yourself bored, trying to find something to do around your home and neighborhood?  Well the residents of Stansbury Park sure don’t have that problem! Located just 25 minutes from down town Salt Lake City, Stansbury Park gives you endless recreation just steps from your front door.  Here are the just a few:

  • 185 acre freshwater lake
    In the 185 acre freshwater lake you can fish, boat, swim, and relax!  All residents of Stansbury Park have public access to the lake at their own convenience.  There are year round activities at the lake including boat races (non motorized), home made card board boat races, fishing tournaments, and more!
  • Community Swimming pool
    The swimming pool is a great way to cool off in the summer.  Complete with swimming lessons and fun for all ages.  The swimming pool has a depth of 3 feet to 9 feet. A wading pool for small children is 1 foot deep. Changing rooms are available in the fenced pool area. A shower station is outside the entrance to the pool. Restrooms are located here also. Snacks are available for purchase. The daily cost is only $2.50 for residents.  Season passes are also available.
  • 18 Hole Golf course
    Built in 1972, this 18 hole course is not only a top notch golf course but it gives you one of the best golf values in Utah.  If you pay for 18 holes at the Stansbury Park golf course, you can play ALL DAY!!  In the winter time, this course is often one of the only open for play.
  • Club house
    The club house is provided for the use of the Stansbury Park residents.  It is weddings, family events, receptions, banquets, and meetings.  Rates will vary.  Contact Kimberly Zollinger at 435-882-4709 to make reservations at the Clubhouse for a one-time event.
  • Parks
    Woodland Park     is located on the south end of the park bordered by Spyglass, Miller Circle and Country Club. This park contains a small playground with swings, a basketball court, a fire pit with surrounding benches, picnic tables/garbage cans and large shade trees. The basketball court and swings were added by the Service Agency in 2006.
    Kenneth W. Sagers Memorial Park     contains Baseball fields, T-Ball fields, a Skate Park, a playground, a small pavilion and a concessions/restroom facility. It also contains the the Observatory which is owned by the Utah Astronomical Society. It is located on the north end of the park by the Condos.
    Garrett Park     located on the south end of the park off of Village Blvd. Garrett Park was remodeled in 2006.
    Tennis Courts #2     is located in the middle of the Park, directly north of Stansbury Park Elementary School.
    Clubhouse Park Area     is the area immediately surrounding the Clubhouse and the Swimming Pool and includes the sports court for basketball and tennis. A volleyball court facility was added in 2006.
    Ponderosa Mini Park     is located in Ponderosa Estates in the southwest area of Village Blvd. This park contains a playground structure, benches and picnic tables.
    Galley Lane Mini Park     is located in the Country Crossings neighborhood on Galley Lane and contains a playground structure, benches and picnic tables.
    Village Blvd. 6.5 Acre Park     is located on Village Blvd and contains two softball fields with backstops and benches. Plans are currently being discussed to add a restroom facility at this park.

Come and see all that Stansbury Park has to offer!!  Also, take a moment to check out the latest new homes in Utah.

Requesting Home Warranty Service

Posted by Clark Graff on July 27, 2010 | Comments are off for this article

requesting-home-warranty Requesting warranty service on a new home in Utah is sometimes stressful and often, overly complicated and frustrating.  When family and friends hear I work in the warranty department for a home builder, many of them have nightmarish stories to share of trying to get service from their builder.  FieldStone’s Warranty Department prides itself on taking care of the customer and always searching out a win/win solution whenever possible.   But this doesn’t always mean things go perfectly smooth.

Regardless of who your builder is or what their policies are toward Warranty Service, here are a few suggestions that might help you in your quest to get repairs taken care of.

  • Be nice. Everyone is doing the best they can.  Don’t be a push over, but being nice to your warranty rep is definitely to everyone’s advantage.
  • Agree to disagree. Sometimes an item just isn’t covered by the warranty.  Fighting about it usually doesn’t help.
  • Know whats covered: Read the manual the builder provided to you and know what is covered or not covered.
  • Understand that many items will be covered by warranty and some items are clearly homeowner maintenance issues.
  • Know the builders policy regarding submitting a request – and follow it.  It’s much easier to get service if you follow the rules.

Okay, maybe I’m a little biased.  I can admit it.  But these just make sense to me both as a warranty employee and as a homeowner.   Besides, knowing the rules and playing nice are good advice in any situation.

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New Homes in Lindon, Utah

Posted by Candace on July 22, 2010 | Comments are off for this article

Wasatch Mountains in Utah

Welcome to Lindon!

Utah has many wonderful places to live but I think you will find the Lindon area one of the best!  Nestled along the Wasatch Mountains, you will have great mountain views with plenty of peace and quiet!  Enjoy the convenience to I-15 (less than 5 minutes away) and close proximity to Provo AND Salt Lake City.

Here are 3 great reasons to buy a new home in Lindon, Utah:

  • Alpine School District
    Lindon is located within the Alpine School District.  Alpine School District has been well known in Utah to provide your children with the crucial academics they need.  Whether you decide public or private school – you can be sure your kids will be getting the proper education for their future!
  • Lindon Aquatics Center
    Let’s not forget about the Lindon Aquatics Center!  Your family will have endless fun in the lazy river, pool, and slide. If you’re daring enough… have your try at the FlowRider!  Lindon residents get special pricing!!
  • Great Retail
    In Lindon you will find lots of yummy restaurants, grocery stores and everything you could possibly need – right in your back yard!  Don’t let needing a quick oil change ruin your day, you can go right down the street so you can enjoy the rest of your day with your family!  It’s so easy!

NOW is a great time to get into the Lindon area.  Make your home purchase a GREAT investment by moving into one of Utah’s finest school districts, lots of fun options for the family, and all the amenities you could possibly need!

Feel free to contact me with any questions you may have.

Candace Allen (801)301-1218.

Saving for a New Yard

Posted by Clark Graff on July 14, 2010 | Comments are off for this article

Landscaping Your New Home The last couple weeks, we’ve talked about sprinklers and grass.  But if you live in a brand new home, you may not have the time or funds to get your yard in for a year or two.  Today I’d like to discuss things you can do to keep weeds down and also prevent (or at best, counter) the effects of time and erosion.

A yard that is not established will immediately and constantly be attacked by weeds.  Also, the effects of erosion (wind, water, use, etc.) will be faster on bare dirt.  Here are some things you can do to keep things looking as good as possible while you save up for your yard.

  • Never allow weeds to go to seed. This will only make the problem of getting rid of them harder as time goes on.
  • Keep the weeds short. Mow them or weed whack them down so they don’t take over.
  • Fill in low spots, puddles, and eroded areas as soon as possible.  This will help keep the areas from causing larger problems.
  • Keep water away from the house and foundation. Almost all basement leaks can be prevented by maintaining a proper grade.

When you put in the yard later, it will be easier and go faster if you have maintained the grade and kept the weeds to a minimum.  A little care and attention now will make it that much easier down the road.

FieldStone Homes Builds New Homes in Utah.

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