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mortgage: Mini Active Rain rally in Macleay Oregon - Fun times and LUNCH - 02/04/09 12:53 PM
I thought about putting this in the wordless Wednesday but then I wouldn't have been able to explain who and what this was. Several members of the Active Rain Community got together, at my instigation, for lunch at the Macleay Country Inn, just outside of Salem Oregon on Saturday.
Who you see here, left to right are: Melina Tomson, Tomson Burnham LLC, Salem; Leslie Stewart, Prudential RE Professionals, Stayton; Cecily Park, Windermere/Pacific West Properties, Salem; Sean Keene, Keller Williams, (Salem) Portland; and Sandy Edwards, Prudential, Stayton. Margaret Oscilia, Creative Concepts and Contracting, Salem had to leave for an appointment and … (27 comments)
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mortgage: FHA Mortgage Loan Credit Requirements - 12/22/08 09:56 PM
This is Part Two in a three part series about FHA mortgage loans. Part One talked about the changes in FHA loans going into effect on Jan. 1 and the things that wouldn’t be changing. In this installment, I will cover some credit issues having to do with FHA loans.
FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule!
Different lenders, … (18 comments)
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mortgage: FHA mortgage changes take effect Jan. 1, 2009 for homebuyers - 12/20/08 11:10 PM
This is part 1 in a series about FHA mortgage loans that affect buyers and home owners in the Eugene and Springfield Oregon area. FHA mortgage lending will undergo several changes on January 1, 2009. Some of them will affect more people than others. The down payment requirement on the FHA 203b and 203c will change from 3.0% to 3.5%. The FHA Secure will go away. The maximum loan amount for Lane County will change from $343,750 to $271,050 for a single family residence. FHA HECM (reverse mortgage) will be available for purchase transactions. Loan amount limit for the HECM will be … (19 comments)
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mortgage: It's Getting Easier to be Green, Says Federal Reserve Bank of San Francisco - 08/28/08 04:32 PM
I just received my link to the Summer newsletter from the Community Development Department of the Federal Reserve Bank of San Francisco. You can access the entire newsletter, "Community Investments" by clicking here.
This issue is their Green Issue. In this issue, they ask what does it mean to go green? "But for many developers-nonprofit and for-profit alike-greening is a new concept, and assistance is needed in determining which types of designs, materials, and technologies truly contribute to the kinds of outcomes noted above. Is it enough to offer recycling bins? Or to use non-toxic paints?"
Discussion of Leadership in … (4 comments)
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mortgage: Mortgage loan rates and fees, why are there fees for Real Estate loans? Answers from a Eugene Oregon Real Estate Loan Officer - 08/08/08 01:08 PM
I just finished a blog from a Realtor in Florida and was concerned about some of her misconceptions of the mortgage industry. I have quoted her here and would like to respond to what she said, one item at a time. Her comments are in italic. If you want to lessen your mortgage amount or at least get a fairer value, you should know more about the five common mortgage fees you should avoid. Yes, you can prevent yourself from incurring and shouldering the following charges: (Just because you think you should not pay a particular fee, it doesn't mean it … (10 comments)
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mortgage: Perseverance and Persistance - 07/31/08 01:34 PM
Do you feel like you have been knocked down and counted out? Have you taken it all and am not sure if you can come out for the next round? I know that right now, it seems that everything that can go wrong in the industry is and has, so I guess it is time for some advice from the past.
"Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of … (14 comments)
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mortgage: The Other Guy's Game - 07/27/08 10:35 AM
There certainly aren't any of the people reading this posting that has ever spent any time in a bar talking and drinking with the patrons. Since I grew up watching, picking up and waiting for my father in several, I have some experience in the bar mentality phenomenon. It is really amazing the things that you can see when you are alert and not fogged while spending your time in the local watering hole. Of course, sometimes there are things to be said for not noticing what is going on too.
One of the first things that I learned at my … (3 comments)
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mortgage: Bad news breaks for Eugene economy - 07/24/08 11:35 AM
Yesterday marked a pretty bleak day for the Eugene economy. For the news, please check out the following news release:
Seoul, July 24, 2008 - Because of short- and long-term market conditions, which include a steep reduction in the price of memory chips worldwide and accelerated technological migration towards next-generation production standards, Hynix Semiconductor Inc. has decided to close its Eugene fabrication facility. The production of the fabrication plant will be eventually stopped by end of September. As part of the deliberations that led to this shutdown, Hynix Semiconductor Inc., the parent company of Hynix Semiconductor Manufacturing America Inc., … (0 comments)
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mortgage: Dual Real Estate Agent/Mortgage Broker - 07/23/08 01:00 PM
I have had something in my craw for some time and it has to do with people that are both Realtor and Loan Officer. I don't know about other states, but in Oregon it is perfectly legal to represent the client as both the Realtor and Loan Officer. If you throw in both listing and selling Realtor, they you really have an interesting mix.
I have read posts from Realtors that are concerned about the appearance of conflict of interest when representing the buyer on their own listing and can't begin to understand how they can not be concerned about, at … (5 comments)
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mortgage: Washington State Fines Mortgage Company - 07/23/08 11:50 AM
According to an Associated Press article in the Oregonian, Washington has fined Paramount Equity Mortgage Inc., $50,000 and started proceedings to revoke the California company's license to do business in Washington. The link to the story is here: Breaking News
Paramount is accused of charging and collecting unearned fees, charging consumers to buy down interest rates without actually reducing rates, failing to make required disclosures and making state and federally required disclosures in a deceptive manner.
The company has not admited wrongdoing and plans to appeal the ruling.
I cannot be certain of the facts in this case. I do know … (1 comments)
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mortgage: Oakridge/Westfir Summer Concert - 07/22/08 03:12 PM
This weekend is the Oakridge/Westfir Summer Concert headlined by Amy Clawson, a favorite local C&W singer. Amy is well known in the area and has been a regular at many fund raising and special events in and around Lane County.
The picture to the left is from her MySpace page where you can go to hear some of her recordings. Personally, Cowboy Up is one of my personal favorites. She will also be at the Douglas and Lane County fairs later this summer. You can see her complete schedule at http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=120478169.
Shannon Reigns and Taylor's Crossing, Taryn Cross, Bob Manning … (3 comments)
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mortgage: How to find a good lender - 07/19/08 02:47 PM
HERE'S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS...RUN...DON'T WALK... RUN...TO A LENDER THAT DOES!1) What are mortgage interest rates based on? (The only correct answer is Mortgage … (6 comments)
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mortgage: Interest Rates - 07/18/08 11:53 AM
I have been telling everyone that would listen that "NOW" is the time to buy the house you want. Interest rates are great, prices have leveled off or dropped a bit (in the Eugene area), and even if the price on a $250,000 home dropped another $10,000, a rate change of 3/8 of a percent would make nearly the same payment anyway.
Well, we have just seen mortgage bonds fall to their worst levels in 2008. We have also seen rates increase about 3/4 of a percent, instead of 3/8. So, has it done any good to wait?
Being an Oregon … (5 comments)
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mortgage: Paperwork, Green Loans & trust - 07/14/08 01:31 PM
Many years ago, if you borrowed money from someone, you shook hands on the transaction and that was often the extent of the deal. Then things started to change, not necessarily due to a lack of trust, but in many ways that was the final result.
I remember when I started in the mortgage business, back when we used stone instead of paper. Seriously, when I started, I was told that it would only be a few years before the whole process would be paperless. That was a couple of decades ago, so a few years have stretched to a … (6 comments)
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mortgage: The 2008 Great Rotary Duck Race - 07/12/08 10:41 AM
Every year the Eugene/Springfield area Rotary clubs sponsor the Great Rotary Duck Race to fight child abuse in Lane County. This year's constest will be October 4, Alton Baker Park, Eugene OR.
In 1988, the incoming presidents of the Eugene/Springfield Rotary Clubs agreed to have a community-wide fundraiser and to make a difference in our communities. The Duck Race was unanimously adopted by the area Rotary clubs as a fun vehicle to attract and hold public attention and support. The proceeds of the first two races were earmarked for the Community Substance Abuse Consortium. The following years, intervention and prevention of … (0 comments)
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mortgage: There are only three types of loans - 07/09/08 11:27 PM
There
Picture is just for effect.
Really are only three types of loans, no matter what anyone says. No, they aren't conforming, government and non conforming. That would be a good guess, but wrong. Of the three types of loans, not everyone is right for each type and at the same time, everyone may not be right for the type of loan they have.
So, if I have your interest, what are the three types?
Those that the balance goes down with each payment, amortizing. Those that the balance stays the same with each payment, interest only. Those that the balance … (4 comments)
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mortgage: FHA Training Class - 07/08/08 04:04 PM
FHA has changed. Have you kept up with the changes.
Estimates are that at least 70% of the sales in the coming year will be FHA financed. Do you know how to write the offer? Do you know how to advise your seller?
Alpine Mortgage Planning has positioned itself to be a major player in the FHA housing boom. Do you want to come along?
We will be conducting classes in FHA financing July 24 at 10 a.m. and 2:30 p.m. The class is one hour and training certificates will be awarded. They will be held in Alpine's Conference … (3 comments)
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mortgage: Another lender bites the dust - 07/07/08 05:15 PM
According to the Mortgage Lender Implode-O-Meter, another major lender bit the dust today. IndyMac Bank, a continuing source of Alt-A loans is no longer accepting loan submissions. Since their stock slipped below $1 per share, from $32.54, the industry has been watching closely what was going to happen.
In an e-mail from my rep at IndyMac, they are supposed to honor all existing locked loans, but there is really never any telling what will happen. To read the story, go to:
http://ml-implode.com/imploded/lender_IndyMacBancorp_2008-07-07.html
Interesting information about our industry. May your days be more enlightened that IndyMac's employees.
… (5 comments)
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mortgage: Down Payment Assistance Programs - 06/27/08 02:20 PM
What are DPAs?How do they work?Who is eligible for a DPA?Why use a DPA?These are a few of the questions asked about the down payment assistance (DPA) programs that I get on a regular basis.
What is a DPA? A down payment assistance program is one where a homebuyer can receive a gift amount between one percent and six percent of the final contract purchase price of a home. In addition, the seller of a home donates and equal amount to a non profit origination. There is also a processing fee for the transaction. A few months ago, there were a … (0 comments)
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mortgage: What Recession? - 06/27/08 12:45 PM
DEFINATION OF RECESSION: Two or more consecutive quarters with negative growth in the economy. NEWS: The GDP (Gross Domestic Product) for the first quarter of 2008 was 1% GROWTH. This is after a .6% GROWTH in the last quarter of 2007. By these figures and the defination above, we are not in a recession. I point this out because the news media is generally full of doom and gloom and we have enough of that in the housing industry that we don't need any more. So, start spreading the news: We are not in a recession. Also, the inventory of existing … (0 comments)
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Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
More about me…
Guild Mortgage Co - Oak Harbor WA
Address: 32785 State Route 20, Suite 5, oak Harbor, wa, 98277
Office Phone: (360) 675-6106
Cell Phone: (541) 221-3455
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