Investment Financing
Posted On: August 9th, 2009 by James Posted In: Mortgage Programs • Portland Real Estate • Refinancing
The environment for mortgages in Portland, Oregon has changed so completely in the last 18 months, its hardly recognizable. There used to be such a huge variety of payment structures, and borrower profiles. Now there is only one borrower profile: fully documented income with decent credit and some kind of down payment. And payment structures are quite limited. One thing that remains however is the Investment purchase program.
I still believe that investing in Portland real estate can be a great way to create wealth. The rules have changed quite a bit, and it has never been more important to work with professionals, and to do your homework.
Continue Reading – Investment Financing
Doing Well, but Not out of the Woods
Posted On: August 9th, 2009 by James Posted In: Financial Health • Government Actions • Mortgage Rates
There has been a lot of positive momentum in the stock market lately. This is usually considered a “leading indicator” of our economy. Meaning if the economy is going to improve, the first thing to indicate this would be an improving stock market. This calendar year has been unprecedented in its volatility in both the stock and bond markets. Earlier in March, the Dow index was below 7000 which many believed had priced in a full economic depression. Now that has moved upwards since, pricing in the recession, and upward still today now seeming to price in a recovery.
This most recent run up feels a little like a kind of exuberant high, and I think we still have one more big “shock wave” coming in the next 6 weeks or so. The big traders will have to be super tempted to sell soon at these 9 month highs. In addition to this, I believe the financial sector is still in very poor shape. We’ll see just how poor when the 3rd quarter earnings are released in October.
Lots of events this week that could potentially move the bond market.
Knocking It out of the Park
Posted On: August 4th, 2009 by James Posted In: Mortgage Programs • Mortgage Rates • Portland Real Estate
So its the heart of Baseball season, and these kinds of metaphors are right on the top of mind. But another piece of economic data came out this morning that would seem to indicate a bottom for either real estate, or this national/global recession. The National Association of Realtors reported a rise in the Pending Home Sales Index of 3.6%. This may not sound like much, but it is positively HUGE when you compare it to the expected rise of only .7%… so this is 5 TIMES BETTER THAN EXPECTED. All of this good news is making the equity markets soar, and when this happens, money leaves the bond market and enters the stock market. What this means to you as a mortgage watcher is that long term interest rates could suffer as a result. Don’t get too greedy! Lock it in if you can!!
Loan Modification: Buyer Beware
Posted On: August 2nd, 2009 by James Posted In: Financial Health • Mortgage Programs • Portland Real Estate
I am very dubious about this new “loan modification” industry that is cropping up nationwide. It would seem that some bright marketing minds that have been in the mortgage business for many years, are seeing an opportunity to be “where the pain is”. As a mortgage professional, I am targeted by sales and production experts all the time with some “great new system” for increasing my mortgage business. One of the things that I see is that many mortgage professionals who used to focus on the sub-prime lending sector, no longer have the products or personal infrastructure to remain in the business. BUT there is one thing they have- a huge database of people who they helped get into loans that they couldn’t afford. And now there are law firms who are asking those folks to call the clients they have who are in foreclosure, or hardship to retain them for huge fees.
Continue Reading – Loan Modification: Buyer Beware
