Two Portland Mortgage Success Stories
Posted On: September 28th, 2009 by James Posted In: Financial Health • Mortgage Programs • Portland Real Estate
It has been a very busy time for us at Mortgage Trust. Rates are super low and holding steady, and the window for that $8,000.00 tax credit is fast closing. Affordability is rising across the board, and the annual end of summer real estate frenzy/climax is upon us.
I wanted to take a moment to highlight a couple of my Portland mortgage clients whom I am particularly proud of. To share how powerful their real estate mortgage management is and will be for their lives, one purchase, and one refinance story.
First the purchase: I have a great client who is a nurse with a local Portland hospital. She is a first time buyer and qualifies for a VA mortgage. She was nervous about the jump from her low rent payment to the higher mortgage payment, so she decided to buy a duplex to have some rental income to offset that payment.
Continue Reading – Two Portland Mortgage Success Stories
More Signs of Life in Real Estate
Posted On: September 28th, 2009 by James Posted In: Mortgage Insurance • Mortgage Programs
Mortgage Trust Underwriter Jamie Carter, has just passed along some interesting news to our staff. She says that Genworth Insurance a major PMI provider has just taken the Portland metro marketplace off of the “declining markets” list.
This means that we can now make conforming loans up to 95% of their appraised value.
Before this happened our access to 95% financing was mostly found through FHA loans (which go up to 96.5%). There was some insurance available, but it was very limited, and expensive.
Continue Reading – More Signs of Life in Real Estate
Extending the Tax Credit?
Posted On: September 16th, 2009 by James Posted In: Financial Health • Government Actions
We can’t count on this, but I did read this today:
White House spokesman Robert Gibbbs said today that economic advisors are studying the impact of the home buyer tax credit and whether or not to extend it. The real estate industry has been pressing Congress to extend it, increase the amount and broaden it to all buyers.
Time is “Of the Essence”
Posted On: September 15th, 2009 by James Posted In: Government Actions • Mortgage Rates • Portland Real Estate
We have all heard about the eight thousand dollar tax credit for first time buyers. Let me also be clear when I describe this tax credit as literally a CHECK FROM THE IRS IN THE AMOUNT OF $8,000.00 made out to YOU. In Portland, 99.99% of all properties will qualify for the full amount. Time is quickly running out on this program, the sun is setting! I have been hammering this all summer in my blog, but this will be the last time. The credit expires at the end of November 2009. That means escrow needs to be closed, and the transaction must be complete by the end of November. If we reverse engineer the timeline of getting from mutual acceptance to closed transaction, this would mean that you should be under contract by October 15th. This is exactly 30 days from today.
So if you are a first time buyer reading this, understand that you have 30 days to find and make an offer on your house. The sooner you do this the better off you’ll be.
Some Anecdotal Evidence (My Own Refi Experience)
Posted On: September 15th, 2009 by James Posted In: Mortgage Programs • Mortgage Rates • Portland Real Estate
Portland real estate is certainly heating up. The combination of super low rates, and the first time buyer tax credit, and increased affordability have injected a lot of momentum in the market. Particularly the under $250k purchase price. What we’re NOT seeing yet, and might not see for a while is an increase in property prices. I am in the process of refinancing my own primary residence in an attempt to take advantage of these amazing rates. I’m running into the same problems anyone else has been this year, most notably, my house appraised for 10% less than what I bought it for in 2007. Additionally, I had to do some wrangling with the underwriter who WANTED TO DECLINE my loan entirely! She wanted to decline it out of hand, because my year to date income is less than what I made last year. Anyways, we got her straightened out, but this just illustrates what a fight it has become to get loans approved. I completely fit within the loan approval guidelines, I have a great credit score, and plenty of home equity, and yet underwriters are looking for reasons to shut things down. This is why its so important to work with an experienced loan professional, someone to act as a true agent for you through the process.
Ladies and Gentlemen, welcome to the economic downturn!
