karen cooper: Hidden "Costs" - Refinancing from a 30 Year to a 15 Year Fixed Rate Mortgage
- 07/22/10 07:07 PM
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)
karen cooper: 15 yr vs 30 yr mortgage
- 07/22/10 06:55 PM
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)
karen cooper: Have You Been To Pomodori Ristaurante in Medford Oregon?
- 07/20/10 06:08 PM
Mamma Mia, what a meal we had tonight at Pomodori Ristaurante in Medford Oregon! If you haven’t been to this wonderfully fresh and invitingly unique Italian restaurant right here in our little corner of the world, you are so missing out.
We started off with the Caesar Salad that has of very generous proportions with a great flavor. From there, we went straight to the Seafood Pomodori for my husband and I ordered the Ratatouille Ravioli from the special menu. The sauces on these two dishes were fresh, flavorful and very unique – a great heat in the Pomodori from … (2 comments)
karen cooper: So Much For Transparency, FHA!
- 07/20/10 05:34 PM
There have been several proposals on the agenda for the FHA loans. Some may call it a Hidden Agenda vs. the transparency most of us have so desperately been seeking in the mortgage industry. When FHA proposed an increased down payment to meet the wishes for those wishing buyers "have more skin in the game" to create a more stable housing market, I was happy to hear this idea had been shot down. It seemed it had been recognized that increasing down payment requirements for the target population, homeowners seeking affordable housing, would not be best served by this change. A … (4 comments)
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 debt, is experiencing a real … (0 comments)
karen cooper: Hardship Meets Opportunity
- 07/20/10 05:13 PM
All around us, we see hardship and opportunity. Have you seen hardship…neighbors, colleagues, friends, family struggling to hang on to their homes and retirement portfolios that may have included real estate investments? Families torn apart due to financial distress from job loss, income reduction, payment increases, stress reltaed medical expense?
How about opportunities…those same people getting a home for their family for what seems like pennies on the dollar, buying real estate “in bulk” that actually carries positive cash flow? People who negotiated a reduction in terms with their mortgage holders, cutting their mortgage payments up to half of what … (6 comments)
karen cooper: Speechless Sunday - A Lovely Bride's Veil
- 06/05/10 05:17 PM
With "the family homestead" not far from here, I have been able to see Yosemite National Park many different times over the years. Seeing the falls with the Spring snow melts was pretty awesome. I just need to cover the Winter season on the next visit and I'll have seen this glorious park at all four seasons.
Well worth the wait on a busy holiday weekend, we could think of no better way to travel back to the car we left parked in Chinatown. After hoofing it across town to see the sights up close and personal, we were all ready to take a fun ride back. What better way to travel than this?
See you out there! … (8 comments)
karen cooper: Ten Commandments When Applying For A Real Estate Home Loan Are More Important Than Ever
- 06/05/10 06:58 AM
As of June 1, 2010, we are required to pull a refresher credit report prior to funding a loan. Funding will not take place until any inquiries, late payments, or new accounts are explained and the file will need to be re-underwritten to include the new debt and take in to consideration late payments and/or decreased credit scores. It’s a tough world out there in the mortgage | home loan process, making the following Ten Commandments to follow when applying for a home loan more important then ever:
THE TEN COMMANDMENTS When applying for a Real Estate Home Loan 1. … (2 comments)
karen cooper: Preview Credit BEFORE Starting The Homebuying Process!
- 05/27/10 03:34 AM
In the ABC’s of Homebuying class, a HUD approved homebuyer education course taught at our local community college, we instructors press the point that buyers need to be educated and prepared before they buy a home. We go through the basics of what they should expect during the process, make suggestions on the inspections they should anticipate getting under various circumstances, show them how to establish their household budget, and so on.
One of the things we very strongly emphasize is pulling their credit report to see if there is anything on their credit report they may need to work … (2 comments)
karen cooper: Have You Heard of Rogue Valley Local Foods?
- 05/18/10 05:11 PM
Facing time constraints and not getting your food garden in this season? I know I am! Thank God for a local resource about to go online June 12, 2010, the Rogue Valley Local Foods organization. June 11th, we’ll be able to go online at www.RogueValleyLocalFoods.org and place our order for fresh, in-season produce, meats, dairy and eggs online. I was so happy to hear about www.RogueValleyLocalFoods.org when the first of May rolled around and the only thing growing in our vegetable plots was three foot tall weeds and last year’s strawberries! Of course, if the deer mosey along and help themselves … (5 comments)
karen cooper: Have You Heard of Buy Local Buy Rogue?
- 05/18/10 05:04 PM
There is a fast growing movement here in the Rogue Valley in beautiful Southern Oregon. Buy Local – Buy Rogue is a non-profit organization that is all about supporting local independent businesses here in the Rogue Valley. I first hear about them when my husband had a meeting with them about becoming a sponsor of this worthy cause. It seems like I just blinked, and all of a sudden, their membership is pushing 200 local Rogue Valley businesses wanting to help get the word out about supporting each other.
This initiative goes … (3 comments)
karen cooper: Headed to Phoenix AZ| Looking Forward to Exploring This Corner of Our World
- 04/30/10 11:41 AM
One of the many hats I wear is as a housing counselor for a HUD certified housing counseling agency. These days, most of us housing counselors find ourselves focused not only on first time home buyers seeking homebuyer education from a HUD approved non-profit entity, but even more so on existing homeowners seeking assistance with foreclosure intervention. Now that the April 30th $8,000 Tax Credit Deadline is slipping by, I’m switching hats and headed to Phoenix AZ to complete certification training as a Foreclosure Intervention Specialist and get another leg of certification as a Reverse Mortgage Counselor under my belt. At … (3 comments)
karen cooper: Today’s D-Day| Did You Make The $8,000 Tax Credit Deadline?
- 04/30/10 11:26 AM
Seems to have snuck right up on us, didn’t it? Here it is D-Day – the day first time home buyers wishing to take advantage of the $8,000 first time home buyer tax credit have to have accepted offers communicated to them. At least interest rates are still really good for the buyers who didn’t make the April 30th deadline, and there are some other amazing resources still available such as first time home buyer down payment assistance programs and the Neighborhood Stabilization Program to help them even if they missed the $8,000 tax credit. Well, it isn’t midnight yet…maybe a … (1 comments)
karen cooper: FHA vs USDA For Oregon First Time Home Buyers
- 04/21/10 04:54 PM
Since the 2010 USDA funding well began to run dry, I'm finding buyers in need of FHA financing as an acceptable home loan alternative, especially first time home buyers who find making a down payment a challenge. So far, the FHA minimum down payment requirement has remained at 3.5%, but the upfront mortgage insurance premiums have increased. Most buyers can still make it work if they've been able to save some money or have a family member, significant other or employer wanting to help them with coming up with their minimum contribution. Although most municipality down payment assistance programs have seen … (2 comments)
karen cooper: Waiting on Congress to Reallocate Additional Funding for USDA Home Loan Programs
- 04/18/10 05:41 PM
I posted this article last summer, and use it frequently when providing home buyers with information on one of the few no down payment programs left. USDA is just about out of money for the USDA Guaranteed Rural Housing loan program for 2010, and our local Oregon office has been hopping with the flood of applications. We all have our fingers crossed Congress will reallocate enough money to make this great tool available again, with enough funding to meet the rapidly increasing demand since conventional financing programs and their more restrictive private mortage insurance criteria don't work for many home buyers. … (5 comments)
karen cooper: Sunday Calls...Finally Found Someone At Home!
- 04/18/10 04:14 PM
I love to check the Osprey nests when we're out on our Southern Oregon water ways, and often catch quite a few at home this time of year. Had I had my camera ready just seconds earlier today, I would have caught an osprey exiting their nest, but alas it was not to be. I did catch this bird, though I have no idea what it is! We'll see if our local Audubon Society can educate me... … (13 comments)
It's that time of year again! With 73 degrees today, we officially declared it time for Re-Cooper-a-ting! We went for a Sunday Drive through some of the gorgeous Oregon forests, then continued our "drive" via water way, heading up the Upper Rogue River until we came across white water and turned back. … (12 comments)
karen cooper: Hidden Treasure
- 04/18/10 03:38 PM
Heading down that hill to go fishing at the lake, or up river to go for one of our great hikes, I can think of quite a few times this hidden treasure is indeed something I'd be happy to come across, especially when one is out exploring that vast and beautiful Oregon Wilderness... … (8 comments)
karen cooper: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 3
- 04/17/10 05:00 PM
Is the game up as far the $8,000 tax credit goes if an eligible first time home buyer isn't under contract on a home by April 30th and escrow closed by June 30th? Not if they are an eligible US servicemember like the many Southern Oregon Guardsmen and active military personnel bravely fighting for us in Iraq and Afganistan and are on active duty at least 90 days between 1/1/2009 - 4/30/2010 (or injured while on active duty). These brave souls will have an extra year to take advantage of the $8,000 first time buyer tax credit if they are eligible. … (6 comments)
Loving the challenge of a career in mortgage|real estate since 1983, keeping up with the progression of changes in this industry keeps one on their toes. What doesn't kill us makes us stronger, right? Here's to a few more decades of strength building!
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.
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