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refinance: Short Sales|The Under Utilized Partnership - 07/24/10 03:51 PM
There is a valuable partnership not being described much…are you using this partnership? The partnership I am referring to is that of the short sale real estate broker and their local HUD certified housing counselors. Many homeowners in financial distress seek the assistance of their local HUD certified housing counseling agency. They come seeking the expertise and guidance of a housing counselor. They may have found this resource through the marketing efforts of the agency, they may have been pointed that direction by a family member, friend, colleague or their existing lender. How many are pointed that direction by the real … (4 comments)
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refinance: Hidden "Costs" - Refinancing from a 30 Year to a 15 Year Fixed Rate Mortgage - 07/23/10 02:07 AM
Are you thinking about refinancing from your 30 year mortgage in to a 15 year fixed at today's REALLY AMAZINGLY LOW INTEREST RATES? You aren't alone if you are. Most people pick up the phone when they are headed down this path and ask "what's your rate?". In today's world, you very well may find many inexperienced loan officers who will spout off an answer to that question without going in the myriad of other variables that might need to be explored.
What's your rate? Isn't going to cut it! Even adding "how much are the closing costs?" to the equation … (6 comments)
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refinance: 15 yr vs 30 yr mortgage - 07/23/10 01:55 AM
With all the focus on declining equity we are seeing in many housing markets, it brings up the focus on considering a shorter term mortgage than homeowners typically choose. In my 27 years, a LOT of my clients have chosen the 15 year mortgage, often times through refinancing. They may have needed the lower payments in order to be able to afford/qualify for the pricing they were finding in the real estate markets they bought in, so they got in to the home and qualified on a 30 year mortgage, waiting for great interest rate opportunities like we are seeing … (9 comments)
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refinance: Interest Rates: Make Hay While The Sun Shines! - 07/21/10 12:27 AM
Here is Mike Jones in Tucson highlighting some critical points our interest rate/bond markets are facing. I'm out there making hay right with you, Mike!
Via Mike Jones (SUNSTREET MORTGAGE, LLC):
Pretty, isn't it? It won't last.
The same is true with the extraordinarily low interest rates available right now.
They won't last.
Don't be a spectator. Jump in and get that low-interest-rate nectar while the getting's good.
Real world conditions
The US has more than $8 trillion in Treasuries outstanding. That's nearly double the amount just three years ago. China, who holds much of our … (0 comments)
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refinance: Can I Refinance Even If My Home Value Has Dropped? - 11/24/09 12:55 PM
Many people hear about the extraordinarily low interest rates available on home loans today. At the same time, they hear about the backlog of bank owned foreclosure homes depressing home values. Not a good combination if you want to refinance your home, but there ARE alternatives available even if you have lost some equity with the decline in home values in your area. Are they available to everyone? Unfortunately, no - but they WILL work for many homeowners looking to refinance to today’s low interest rates.
There are still many homeowners out there who took “interim fixed”, “interest only”, “option … (4 comments)
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refinance: Going…Going…Gone? How Long Will These Low Home Loan Interest Rates Hang Around? - 11/23/09 12:44 PM
This week, I’m locking in interest rates lower than I’ve ever seen before, lower than I’ve even gotten for my own personal home loans on a wholesale basis. I really did not expect to see 15 year conforming fixed rates back at the 4.25% I locked my own interest rate at several years ago. It’s exciting to see the homeowners I’m working with who have enough equity in their homes to be able to refinance out of resetting adjustable rate mortgages to fixed interest rates at the same level those adjustable rate mortgages were at. Most of them were nervous about … (5 comments)
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refinance: HOPE Arriving For Struggling Southern Oregon Homeowners - 10/16/09 08:03 AM
Are you, or is anyone you know, struggling to find a way to stay in your/their home here in Southern Oregon? HOPE is arriving for struggling Southern Oregon homeowners who may have been attempting to refinance under the Home Affordable Refinance Program only to find out they needed to be under the Home Affordable Modification Program because they did not qualify.
Bank of America, Wells Fargo and Chase will all be here in Medford Oregon to talk to homeowners who have existing loans with these three banks and may have been caught in phone system hell trying to work their … (6 comments)
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refinance: Making Home Affordable Refinance Rolling Out at 125% of Current Value - 09/19/09 12:53 PM
Well, we've been waiting quite a while since the announcement was made that eligible homeowners could refinance their home loan under the Making Home Affordable Program borrowing up to 125% of their home's current market value vs. the previously established 105%.
More lenders are now making this program available, giving a company like mine who is a mortgage banker AND a mortgage broker the opportunity to shop rates with many different banks/lenders for homeowners who could benefit from refinancing their home loan in order to obtain today's low interest rates. This may help offset some of the further value declines … (2 comments)
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refinance: When Is It Time To Tell A Borrower To Apply With Another Lender? - 07/24/09 02:05 PM
I've been in the mortgage/real estate business since 1983, with most of the past 15 years working with repeat and referral clients. Our relationships have a great deal of trust, which I believe to be important - especially in the current real estate/ mortgage environment. But, when is it time to tell a borrower to apply with another lender?
I wandered in to the world of Internet marketing, and realized that this same loyalty and trust bond does not exist, so made the decision to only agree to work with clients I am able to meet with in person when they … (58 comments)
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refinance: Have You Encountered Financial Difficulties and You Have An Oregon Bond Loan? - 06/24/09 04:47 PM
I have heard from several Oregon Bond borrowers now who are struggling due to financial hardships, and running in to difficulties due to the owner occupancy requirement and the potential recapture tax provision a homeowner may face on an Oregon Bond loan when they sell their home and their income has increased enough to trigger this provision. Some of these homeowners were trying to get the Home Affordable Refinance or Home Affordable Modification programs to help reduce their monthly payments, but the Oregon Bond Loans are not eligible for these programs that were approved through the federal stimulus packages.
I asked … (2 comments)
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refinance: A Successful Home Affordable Modification Story! - 06/09/09 12:45 AM
A call came in this weekend from a client I worked with back in 2005. We had worked together on multiple real estate transactions for her in Southern California, and again on the purchase of her move up house in Ventura County.
Due to the timing of this latest transaction, she was caught - as was all of the equity and savings she transferred to purchase this house - in the economic spiral continuing to drag down some Southern California markets. The calls I was receiving from her earlier this year were pleas to tell her everything was going … (4 comments)
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refinance: Note To President Obama/Senate Banking Committee – It appears Not Everyone Is Onboard With The Home Affordable Programs - 05/08/09 05:15 PM
Here it is a month after the Home Affordable Programs got up and running. Well, more like a week, since many lenders did not come out with the pricing on the Fannie Mae DU Refi Plus until within the past couple of weeks, and only a few are coming out with the Freddie Mac Relief Refinance pricing.
Here are some discoveries/experiences I've encountered.
On Home Affordable Refinance:
Private Mortgage Insurance Companiesare restricting the transfer of their mortgage insurance policies to the existing lender/servicer only, eliminating the homeowners' opportunity to shop for their pricing and eliminating competition.
Banks/Mortgage companies holding … (6 comments)
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refinance: Southern Oregon Homeowners, You’ve Heard of Short Sales, But Have You Heard Of Short Refinancing? - 05/05/09 04:31 PM
So, you heard about the really nice low interest rates people are getting on their mortgages, and you thought "hey...I'd like to save money every month to put back in to my budget". You made a call or two, and found out "I'm sorry, Mr./Ms. Homeowner, but we can't help you due to the amount you owe on your home vs. the amount your home is worth in today's market". So, you go back to chugging along, thinking all these stories you are hearing from people and in the news is just a bunch of hooey. Maybe, you're even a little … (0 comments)
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refinance: Riding the Roller Coaster of the Home Affordable Refinance Wave - 04/15/09 09:42 AM
I shouldn't be surprised by the ebb and flow in this business. Real estate markets have always been cyclical, driven by local economic forces and demands. Driven by migration trends related to those demands and forces. Driven by Acts of God. I know this - I've EXPERIENCED these many times over!
But what a roller coaster ride we seem to be on today! Weeeeeee.... Home Affordable Refinance and Modification programs are rolled out to help struggling homeowners refinance to today's interest rates or modify their terms in order to help them stay in their homes and stem the tide of foreclosures! Whooosh, if … (0 comments)
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refinance: And...they're off! Home Affordable Refinance Program Released and Lenders Making It Available - 04/13/09 02:55 PM
We've been patiently awaiting the release of this Making Home Affordable Refinance program for the many homeowners who have wanted to refinance their home loans to get today's lower interst rates, but could not do so due to their home's current market value. Market values will still be an issue for many homeowners, as the Home Affordable Refinance program will only lend between 80-105% of a home's current value. PAtience is still required, as lenders get their systems ready for this program type, but we've received word from several who are accepting these files and are releasing their pricing on it. … (4 comments)
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refinance: Ready Set GO! Making Home Affordable Programs Readying for April 4th Release - 03/19/09 10:14 AM
We've been hearing a lot about the Making Home Affordable initiatives, and have been anticipating the release of all the details for the Refinance and Modification programs. The website is up and running today, so many of our answers should be provided. If you are struggling on making your payments, whether you've fallen behind on your mortgage or not, go to www.makinghomeaffordable.gov and see if these programs might be the options you need.
If you already applied for a refinance or modification and were turned down by your lender, TRY AGAIN! I have a list of clients who have contacted me … (2 comments)
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refinance: California Homeowners - Looking for Reasons to Hang On Instead Of Throwing In The Towel? - 02/12/09 06:33 PM
So, you are "stuck" with a 6.25% interest rate on your 30 year fixed rate mortgage for $400,000. You are bent out of shape because you really were hoping to refinance in order to get a mortgage interest rate in the 4's, like people you know have done recently. Should you say forget it now that you are "under water", throw in the towel, and walk away from your home? You aren't interested in the moral or ethical side of the equation, or are worn down from the constant barrage of tales of woe in the news and from friends and family, … (0 comments)
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refinance: Spring Home Show 2009 This Weekend For Southern Oregonians At Jackson County Fairgrounds - 02/12/09 04:13 PM
The Sping Home Show will take place this weekend at the Jackson County Fairgrounds, February 13th, 14th & 15th. The Jackson County Homebuilders Association puts on two of these shows each year. Although both the Spring and the Fall shows have a lot to offer, we are really looking forward to seeing what new and innovative products will be on display, like some great skylights. There will be several vendors that will be displaying their Eco-Friendly products and services this year, and we're still looking at fireplace inserts, since the City of Medford has an ordinance requiring the replacement upon sale of a home that … (0 comments)
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refinance: Bye Bye 4.50% Mortgage Rates! 5.50% Here We Come? - 01/29/09 05:30 PM
If other mortgage companies have been anything like mine, it's been a pretty busy time these past 4-5 weeks! When the 30 year conforming fixed rates being locked in hit the mid-high 4's, the phones lit up like I haven't seen in a while.
Well, they are still lighting up, with homeowners and investors trying to catch the tail end of this dip in mortgage interest rates before they are gone. Already, I've seen a 3/8% increase in the rates for most of these fixed rate loan programs over the past week. The USDA Guaranteed Rural Housing program eligible buyers … (0 comments)
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refinance: When Is It Time To Refinance? – Common Obstacles In Today’s Lending Environment (Part 6 of 6) - 01/01/09 04:54 PM
It is hard for me to believe the percentage of people who have inquired about a home loan with me I have had to tell I couldn't help due to one reason or another. In 25 years in this business, I've never seen so many! Here are some of the most common reasons for the people I've talked with:
Estimated Market Value determined by an appraisal is insufficient to support the loan amount you wanted to borrow. Need Stated Income program due to self-employment, but these programs are no longer available. Declining Market Value Area determination restricts your loan amount by … (0 comments)
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Karen Pierce Cooper
Medford,
OR
More about me…
Karen Pierce Cooper| Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 28 years of experience providing Southern Oregon and California Home Buyers and Homeowners | Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville | Helping Southern Oregonians on the road to fulfilling the American Dream of Homeownership - and staying there! ,
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