Understanding Adjustable Rate Mortgages - 04/29/07 09:05 PM
 
Understanding Adjustable Rates
Many homeowners are noticing that they should get out of their adjustable rate mortgages and into a fixed rate to protect themselves and their families from increasing rates and payments on their adjustable rate mortgages. I highly recommend speaking with a mortgage professional that can guide you through your current scenario to determine if you are in a good situation or if you need to reanalyze your situation and make some changes to protect one of your largest investments, YOUR HOME!
I believe knowledge is power! Rather than turning a blind eye and not understanding what affects your adjustable rate … (5 comments)

Understanding Refinance and Home Loan Closing Costs! - 04/28/07 11:36 AM
                                                                                                                
 There's an old saying, "If it's too good to be true, it probably is!" Such is the case with refinancing or purchasing a home and the topic of closing costs. Many lenders in the industry will claim NO CLOSING COSTS, however, everyone actually plays on a level playing field! The only difference between mortgage companies are the investors and/or banks that they are individually approved with, that's it! Closing costs are ALWAYS going to be associated with refinancing or purchasing a home. Why? There are many parties involved in the loan process and obviously, no one works for free!
First of … (15 comments)

Joining In On the American Dream! - 04/28/07 11:08 AM

Joining in on the American Dream!
Well, it's official! I have officially purchased my first home and begun to take part in the American Dream of owning my own home. So, I figured, "What better topic to talk about this week than my own personal experience with purchasing a home?" Was it stressful? Yes.... Is it worth it? You Bet! I can not describe the joy one gets out of owning your own home. To talk to your last property manager and hand over the keys in exchange for the keys to your own home is awesome! I'm getting more joy out … (7 comments)

Comparing "Apples to Apples" when shopping for your home loan! - 04/28/07 10:44 AM
         
 
 
 
I was offered a 5% fixed for 30 years, can you beat it?
More often than not, borrowers get so caught up in the "rate" that they fail to look at the actual product being offered to them. My goal is to help you avoid this pitfall to save time and money. There are virtually hundreds of loan products that are offered on the market today. More often than not, receiving a "rate quote" on the Internet or over the phone is meaningless if you don't understand the terms that apply to that rate. I always tell my clients to make … (3 comments)

Have Passion! - 04/26/07 10:54 AM
 
For all those out there that don't understand the definition of the word Passion...Let's look it over real quick!
Passion-Any powerful or compelling emotion or feeling, as love or hate. An outburst of strong emotion or feeling.
Being a California Real Estate Broker, I have a passion for what I do, which is financing people's dreams and being engaged in real estate. I had a passion for it while watching my dad buy and sell real estate at a young age. I had a passion for real estate helping the Realtors set up balloons and flyers on Sundays in my neighborhood as a young boy. … (9 comments)

Enloe Hospital Employee Benefit-Chico,California - 04/18/07 09:43 AM

$400 Appraisal Credit at the close of escrow on all Real Estate or Refinance loans! 
In appreciation for the hard work that Enloe Hospital employees extend to the Chico,California community, I would like to offer my services as an employee benefit. My name is Scott Gormley and I'm the Broker/Owner of Oak Valley Mortgage, located in Chico,California.
I write weekly articles in the North Valley Real Estate Guide, put out by the Enterprise Record, labled "Mortgage News."
I write monthly articles in Inside Out magazine. 
I was the 2006 Chairman of the Chico Association of Realtors Affiliatee Committee. The committee represents over 130 local businesses in … (0 comments)

California State University, Chico Parents are Investing in Real Estate! - 04/14/07 09:34 AM

It's that time of the year again in Chico,California! California State University,Chico...otherwise known as Chico State college students are getting their bags packed and ready to transfer up here. In the meantime, I've had several moms and dads call me up, looking to make an additional investment in their children...aside from an education! That's right, they're looking to purchase homes that their children can live in while they attend Chico State! I think this is a great idea! Here's why:
You can rent out the additional space to bring in income off the property while your child attends school!
You can get a great … (3 comments)

Why I promote competitors in my own market... - 04/06/07 11:06 AM
 
Like Tony would say, "They'rrrrrreeeeee Grrrrrrrrrrrrrrreaaaaatttttt!"
Many would think I'm crazy. The purpose of business is to be profitable, right? But I think we have a larger obligation than simply looking at the dollars and cents at the bottom line. In the Real Estate and Lending business, there are clearly good apples and bad apples. Maybe one could say that is the case in any industry, but here is the difference....Real Estate is the largest decision that the average consumer will make in America. We have the power and choice to make it a pleasurable experience or a really bad nightmare! With that … (7 comments)

My Fight on My Own Supplemental Tax Bill - 04/05/07 10:00 AM
 
Here's one that I don't get and it was on my own mortgage! Imagine that...A mortgage broker having issues with his lender on his own mortgage. I find that more often than not, I have a full understanding of what is going on with my loan and impound account and the managers that deal with customers such as myself have no idea what you or they are talking about! When I presented my case below, it went over the heads of 2 managers before finally being understood by a 3rd.
With that being said...Here was the scenario...
When a lender collects impounds for … (3 comments)

Home Inspections Throughout Construction?? - 04/05/07 09:30 AM

Last year, we made a decision to purchase a new home. I firmly believe that it is the new construction of homes and the price builders are charging per square foot that really determines the strentgh and conditions of a local real estate market. Afterall, the opportunity cost of not having a brand new home with less hassles is that of an older home. If a newlywed couple could buy an older home or a brand new one with a much longer life expectancy...why wouldn't they choose the new home? More often than not, it's the lot size or older and … (5 comments)

 

Scott Gormley

Chico, CA

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Oak Valley Mortgage-California Home Loans and Refinancing

Cell Phone: (530) 592-8362

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