wwwquality4loanscom: Short Sales|The Under Utilized Partnership
- 07/24/10 08:51 AM
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)
wwwquality4loanscom: 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)
wwwquality4loanscom: 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)
wwwquality4loanscom: 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)
wwwquality4loanscom: 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)
wwwquality4loanscom: Have You Been To Tin-Tin Buffet in Medford Oregon?
- 01/23/10 02:07 PM
When it comes to eating out with our family, our varied tastes lead us toward different choices in local restaurants. Buffet style dining is not usually my first choice, although I’ve experienced some amazing buffets in my time, like those on cruise ships, one on the American River in Sacramento and another in Granada Hills that had such a wonderful Sunday Brunch in a gorgeous setting, we chose that location for our wedding & reception many moons ago.
Tonight, we went to Tin-Tin Buffet in Medford for the first time. We had heard from family and friends that Tin-Tin Buffet … (0 comments)
wwwquality4loanscom: Can I Refinance Even If My Home Value Has Dropped?
- 11/24/09 04:55 AM
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)
wwwquality4loanscom: Investors, Isn’t It Nice To Have Rental Property With Positive Cash Flows?
- 11/23/09 10:15 AM
Although some homeowners looking to refinance or sell right now may not like what the volume of distress sale property sales are doing to local real estate values, Investors purchasing homes that run a positive cash flow probably aren’t complaining very much. Here in the Rogue Valley, up until this year an investor purchasing income property had to make a pretty hefty down payment to see their home meet most cash flow expectations.
Now, lending guidelines require bigger down payments from an Investor purchasing rental property using investor real estate loans. We’re seeing properties with only 10-20% down payment at … (2 comments)
wwwquality4loanscom: Going…Going…Gone? How Long Will These Low Home Loan Interest Rates Hang Around?
- 11/23/09 04:44 AM
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)
wwwquality4loanscom: Will Mortgage Insurance Still Be Tax Deductible After December 31 2010?
- 11/18/09 02:15 AM
With all the rapid changes we’re seeing in the mortgage industry, those that have been instituted and many coming down the pipe, I haven’t heard anything about the tax deduction for Mortgage Insurance Premium that expires 12/31/2010. Right now, eligible taxpayers may deduct their eligible mortgage insurance premiums, including FHA upfront mortgage insurance and monthly mortgage insurance premium, USDA guarantee fee, and VA funding fee as well as the private mortgage insurance premiums required on conventional Fannie Mae|Freddie Mac vs. government loans.
Although these mortgage insurance premiums are not nearly as much as the mortgage interest taxpayers deduct, they can … (5 comments)
Is it a good time to buy and sell real estate? The perception is that REALTORs are always trying to convince their clients to buy or sell real estate each and any time. But the reality is that when the buyers or sellers are on the verge of making a decision, they are the … (2 comments)
wwwquality4loanscom: Almost Speechless Sunday - Transitions...
- 11/16/09 12:37 AM
From the roses in full bloom to the winter berries... from the still turning autumn leaves to the bare branches of winter. There is no doubt that fall has arrived here in Southern Oregon. And Winter isn't far behind...
See you out there...even if I am all bundled up!
… (9 comments)
wwwquality4loanscom: The Road To Homeownership – 5k, 10k, Marathon, Triathlon…
- 11/13/09 07:19 AM
The road to homeownership is different for each buyer. For some, it may be a walk in the park filled with wonder and beautiful sights along the way – a quick, uneventful, on-time closing. An experience, learning about the various species found, or re-visiting a favored path– learning about loan programs, different types of inspections involved, insurance policies, etc. for the first time home buyer; re-familiarizing themselves with the process and up-to-date changes for the move-up buyer and investors.
Some home buyers, they may find their road to homeownership is like a 5k run. A bit of effort involved to … (4 comments)
wwwquality4loanscom: Beware of Hidden Costs in Your Home Purchase Transaction
- 11/10/09 02:22 AM
After a series of winter-like storms rolling through our corner of the world, the latest in a stream of “hidden costs” associated with the purchase of bank owned foreclosure sale transactions came to my attention. Working with a lot of first time buyers who often work very hard to come up with their required cash contributions to purchase their first home, I’ve learned to be diligent in watching their costs so they know going in to their first home purchase exactly what to expect. In the past couple of years, as bank owned foreclosure sales became more prevalent in our area, … (10 comments)
wwwquality4loanscom: "How To Get Rich In This Market"
- 11/06/09 10:05 AM
I’m thanking God it is Friday. This week has so drained my energy. I’m looking forward to it being revitalized by family, friends and church this weekend. I will not be taking any business related calls this weekend, because I desperately need to recharge. Have you ever felt like that?
A “funny” thing happened this week, though. In the heat of trying to prod government and major bank employees along to get a first time home buyer’s transaction closed before their extended closing date passed us by, I inadvertently addressed a fiery e-mail to the previous CEO of Carteret Mortgage, … (5 comments)
wwwquality4loanscom: Out With The New/Old, In With The Old/New…Oh Whatever!
- 11/03/09 10:31 AM
2008 and 2009 have been phenomenal funding times for FHA loan financing for buyers purchasing real estate. This is because FHA guidelines are broader, making this financing tool more suited to today’s homebuyers’ needs. FHA guidelines allow the buyer to receive gift funds for their down payment/closing costs, which is what many first time home buyers are doing these days.
Prior to FHA financing’s comeback, conventional loans were the tool of choice for first time home buyers because they could choose “piggyback financing” – two loans, holding the amount borrowed on the 1st mortgage to 80% or less, financing the … (2 comments)
wwwquality4loanscom: That Was Then…This Is Now 2007-2009
- 11/02/09 03:48 AM
Having been in the mortgage industry for so long, having seen a great many changes since 1983, recent changes seem different from earlier changes in one big way. The period between 2007 and 2009 doesn’t really seem like a long period of time in the big picture, but these changes are making for some long days in my mortgage industry world. Where many of the changes in the past were market driven, today’s changes are “putting fires out” driven. And it seems to me, those changes are being made without the necessary foresight and investigation required to have these changes be … (4 comments)
wwwquality4loanscom: A Sunday Drive in Southern Oregon (3 of 3)
- 11/01/09 03:09 PM
After we have finished exploring Sunny Valley and the ghost town of Golden Oregon with the hydraulic mining sights across the road, we head to Historic Wolf Creek Inn to have dinner. In spite of the Rogue Valley population being well over 200,000 people now, we manage to bump in to two people we know having dinner with their families at the Wolf Creek Inn. After a delicious dinner of "Steak for 2" and Crab and Avocado Louie, we meet up with one group of friends and tag along for a tour of the Wolf Creek Inn, learning about the days … (10 comments)
wwwquality4loanscom: A Sunday Drive in Southern Oregon (2 of 3)
- 11/01/09 02:40 PM
On this first day of November 2009, we continue our Sunday drive on this glorious day, leaving Sunny Valley, and heading north to go to Golden, Oregon. This historic town was settled by early Gold Miners, most of whom moved on to other areas for their treasure hunt. The State of Oregon is in the process of restoring/renovation this historic area, and we'll look forward to seeing it again one day. In the meantime, here you go!
There is such beautiful scenery in this area, and so many great places to sightsee and hike, or as we … (8 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!
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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