The creators described Finding Portland as a “829 photographs taken from over 50 unique locations, it took an average of 3.8 hours to make each second of this film. The intent of the project was to place our cameras in unique locations across the city, achieve significant ranges of dynamic camera motion, and pursue cutting edge time-lapse techniques.”

Beautiful representation of our beautiful city Portland, OR. If you are buying, selling or moving here for the first time I have many resources for your transition. My real estate financing site can be found at www.Michael-Eiden.com. For now, just enjoy the video!

That development is a large part of why some analysts believe that for homeowners who want to sell, now might be the time to list. Here in Portland, OR as well as across the nation, their reasoning goes like this:

1. With housing prices at or near record lows, potential buyers who had been on the sidelines are seriously considering a home purchase. Many are aware that the bottom of the market may have been reached. They feel a sense of urgency to take advantage of that combined with record today’s low mortgage rates. For home sellers who have set the right price, it can mean that March is the beginning of a spring selling season filled with newly-motivated buyers.

2. The number of bank-owned homes is predicted to increase over the next few years. Lenders had put foreclosure activities on hold while negotiating the government settlement. But the coast is now clear for them to resume, with the number of bank-owned homes rising as a result. When that glut of bank-owned homes hits the market, it could end in a crowded market and prices driven back down.

3. Individual home sellers have a built-in advantage over banks because they can move a sale significantly faster. Banks are not well equipped to sell their inventory of bank-owned homes – most do not have the staff to handle listing properties or pushing the kind of energetic follow-through that gets deals done in a reasonable amount of time. Tales of frustrating delays are already widespread, and they make dealing with a homeowner and his agent all the more appealing. To some experienced buyers, the difference is worth a premium.

All these factors mean that now might just be the opportune time Oregon sellers have been waiting for. If you have been delaying your home sale, why not call or, contact me today? I can help you schedule a complimentary home price evaluation. All the home buyers I am working with DO NOT have enough homes to view that fit their needs.

Mr. Buffet is definite in saying that believes now is a good time to enter or re-enter the housing market. It may not mean that it makes sense for everyone in Portland to go out and buy a home — but what he does say is more than a little encouraging:

1. Buffet believes that real estate is a good investment right now because of the undeniable price factor. In an interview with CNBC, he even singled out the single-family home as a good investment opportunity. Would he personally buy a home right now? “…A couple hundred thousand” would be about right…if only he had a way to do it!

2. According to the Oracle of Omaha, real estate is now a good long-term investment. In addition, with 30-year fixed rate mortgages below 4%, this looks like a particularly propitious time to buy a home for the long term.

3. He also points out that there is a lot of real estate available for sale. With such a large inventory available in all over the country, Portland buyers join others throughout the country in having an unusually wide number of options available.

Even though Buffet’s prognostications on the housing market have not always been spot-on, his track record as an investor speaks for itself. He points out that while some of these same positives are true of other investments; single-family investors have a built-in advantage over institutional competitors. When we buy a home, it’s likely to be our single largest investment. To institutions, that same purchase is too small to consider. Less competition means more opportunity.

When someone like Warren Buffet says he would invest in hundreds of thousands of homes if only it were feasible, that does have a way of making anyone pause and think. In other words, in case you have been considering whether now is a good time to buy a home or Portland income property, go ahead and call, or contact me today. Let’s talk over the prospects!

The intense media focus on the residential financing industry has caused everyone to pay closer attention to the form of home loans they arrange. The truth is that borrowers are more wary about the loans they choose. They are insisting on clarity in how their choices will pencil out in dollars and cents in both near and long terms.

One decision that determines what mortgage rates wind up on local bottom lines is whether to ‘buy down’ mortgage rates with points. Points represent interest that buyers pay up front to lower the rates on the remainder – the mortgage rates that show up at the bottom of our monthly statements.

Increasingly, Portland, OR buyers are shunning the points option.

There are many reasons for the shift. Some are clearly related to the subprime mess, but others less so. Many of today’s buyers are entering the market for the first time, and they are cash-strapped. They may find it a struggle to come up with money for the down payment and closing costs. Often, these new homeowners simply can’t afford to pay points — even if they can be rolled into the loan.

Historically low interest rates are another reason Oregon buyers at all levels are thinking harder about points vs. mortgage rates. Last week’s national average on 30-year fixed mortgage rates (3.88%) was a full percentage point lower than a year ago – when it was already visiting the basement! Some buyers just don’t see the value in making an advance interest payment – financed or otherwise – when it may only knock a fraction of a percent off an interest rate that’s already at such low levels.

No Obligation Mortgage Quote

First-time homebuyers can also see points as an unnecessary expense if they do not plan to stay in their homes long enough for the lower mortgage rates to return the investment. For them, it just doesn’t pencil out.

With interest rates at historic lows and lenders competing for the same pieces of a smaller pie, it has never been more important for buyers to take a hard look at the pros and cons of the mortgage rates vs. points decision. If you are looking for a home to buy in the Portland, OR metro area and would like to discuss your options, give me a call on contact me. The time has never been better.

14-Year Old Becomes Homeowner and Landlord
http://blog.sfgate.com/ontheblock/2012/03/13/florida-14-year-old-becomes-a-homeowner-and-a-landlord/

“Instead of using her $6,000 savings to buy an iPad, Willow Tufano bought herself a distressed property. And now she’s renting it out. Willow got help from her mother, who doubled her investment. Together, the two spent $12,000 to buy a 3-bedroom Florida short sale that, in better times, was valued at $100K. Now they are partners, since Florida requires a homeowner to be at least 18 years of age, but Willow plans to buy her mother out as soon as she can so she can own the home outright when she reaches the legal age.”

Admittedly, it’s a pretty incredible story, and certainly not the norm. But right now I’m seeing a lot of market activity which suggests we’re going to see an uptick in sales and pricing. I think fear has been holding back a lot of people from seeing clear investment opportunities, and well, sometimes it takes the wisdom of a child to help us see the way!

If you are at all curious about potential properties in the area and how to finance them, do get in touch!

What Is HARP?

The Federal Housing Finance Agency (FHFA) and the Department of the Treasury introduced HARP in early 2009 as part of the Obama Administration’s Making Home Affordable program. HARP provides borrowers, who may not otherwise qualify for refinancing because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product.

HARP : Questions and Answers

Do these question-and-answers account for the “new” HARP program?

Yes, everything you are reading is accurate as of today, November 7, 2011. This post includes the latest changes rolled out by the Federal Home Finance Agency on October 24, 2011.

How do I know if Fannie Mae or Freddie Mac has my mortgage?

Fannie Mae and Freddie Mac have “lookup” forms on their respective websites. Check Fannie Mae’s first because Fannie Mae’s market share is larger. If no match is found, then check Freddie Mac. Your loan must appear on one of these two sites to be eligible for HARP.

If my mortgage is held by Fannie Mae or Freddie Mac, am I instantly-eligible for the Home Affordable Refinance Program?

No. There is a series of criteria. Having your mortgage held by Fannie or Freddie is just a pre-qualifier.

Is “HARP” the same thing as the government’s “Making Home Affordable” program?

Yes, the names HARP and Making Home Affordable are interchangeable.

My mortgage is held by Fannie/Freddie. Now what do I do?

Find a recent mortgage statement and write “Fannie Mae” or “Freddie Mac” on it — whichever group backs your home loan — so you don’t forget. Give that information to your lender when you apply for your HARP refinance.

What if neither Fannie Mae nor Freddie Mac has a record of my mortgage?

If neither Fannie nor Freddie has record of your mortgage, your loan is HARP-ineligible. However, you may still be eligible for a “regular” refinance to lower rates. Contact me or apply now to see your options.

Am I eligible for the Home Affordable Refinance Program if I’m behind on my mortgage?

No. You must be current on your mortgage to refinance via HARP.

Will the Home Affordable Refinance Program help me avoid foreclosure?

No. The Home Affordable Refinance Program is not designed to delay, or stop, foreclosures. It’s meant to give homeowners who are current on their mortgages, and who have lost home equity, a chance to refinance at today’s low mortgage rates.

What are the minimum requirements to be HARP-eligible?

First, your home loan must be paid on-time for the prior 6 months, and at least 11 of the most recent 12 months. Second, your mortgage must have been sold to Fannie or Freddie prior to June 1, 2009. And, third, you may not have used the HARP program before — only one HARP refinance per mortgage is allowed.

Is there a 125% loan-to-value restriction for HARP?

No, there is no 125% loan-to-value restriction. All homes — regardless of equity — are eligible for the HARP program.

I am really far underwater on my mortgage. Can I use HARP?

Yes, you can. There is no loan-to-value restriction under the HARP program.

Maybe I wasn’t clear. I am really, really far underwater on my mortgage. Are you sure I can use HARP?

Yes, I am sure. The new HARP program specifically has no loan-to-value restriction so that homeowners in Florida, California, Arizona and Nevada can take advantage of it. You can 300% loan-to-value, and still be HARP-eligible. HARP is now unlimited LTV.

Will my home require an appraisal with the HARP program?

Sort of. Although your home’s value doesn’t matter for the HARP program, lenders will run what’s called an “automated valuation model” (AVM) on your home. If the value meets reliability standards, no physical appraisal will be required. However, your lender may choose to commission a physical appraisal anyway — just to make sure your home is “standing”.

Is HARP the same thing as an FHA Streamline Refinance?

No, the HARP program is administered through Fannie Mae and Freddie Mac. FHA Streamline Refinances are performed through the FHA. The programs have similarities, however.

Do I have to HARP refinance with my current mortgage lender?

No, you can do a HARP refinance with any participating mortgage lender.

So, I can use any mortgage lender for my HARP Refinance?

Yes. With the Home Affordable Refinance Program, you can refinance with any participating HARP lender. Click here for a HARP rate quote.

I put down 20% when I bought my home. My home is now underwater. If I refinance with HARP, will I have to pay mortgage insurance now?

No, you won’t need to pay mortgage insurance. If your current loan doesn’t require PMI, your new loan won’t require it, either.

I pay PMI now. Will my PMI payments go up with a new HARP refinance?

No, your private mortgage insurance payments will not increase. However, the “transfer” of your mortgage insurance policy may require an extra step. Remind your lender that you’re paying PMI to help the refinance process move more smoothly.

What’s the biggest mortgage I can get with a HARP refinance?

HARP refinances are limited to your area’s conforming loan limits. In most cities, the conforming loan limit is $417,000. However, there are some cities in which conforming loan limits are as high at $625,500.  You can lookup your area’s conforming loan limits by clicking here.

Can I do a cash-out refinances with HARP?

No, the HARP program doesn’t allow cash out refinance. Only rate-and-term refinances are allowable.

Can I refinance an investment/rental property with HARP?

Yes, you can refinance an investment/rental property with HARP, even if the home was once your primary residence. You can refinance a home on which you’re an “accidental landlord” via HARP. The loan must meet typical program eligibility standards.

Can I refinance a second/vacation home with HARP?

Yes, you can refinance an second/vacation property with HARP, even if the home was once your primary residence. The loan must meet typical program eligibility standards.

Are condominiums eligible for HARP refinancing?

Yes, condominiums can be financed on the HARP refinance program. Warrantability standards still apply.

Can I consolidate mortgages with a HARP refinance?

No, you cannot consolidate multiple mortgages with the HARP refinance program. It’s for first liens only. All subordinate/junior liens must be resubordinated to the new first mortgage.

Can I “roll up” my closing costs with a HARP refinance?

Yes, mortgage balances can be increased to cover closing costs in addition to other monies due at closing such as escrow reserves, accrued daily interest, and a small amount of cash.  In no cases may loan sizes exceed the local conforming loan limits, however.

I am unemployed and without income. Am I HARP-eligible?

No. Income verification is required for the HARP refinance program.

My original mortgage was a stated income loan. Will my income be verified with a HARP refinance?

Yes, with HARP, applicant income is verified in the same manner as with a traditional refinance — via a combination of W-2s, paystubs, tax returns and other, underwriter-requested documentation.

What are the HARP program’s mortgage rates?

Mortgage rates for the HARP program are the same as for a “traditional” refinance. There is no “premium” for using the HARP program.

Do HARP refinances use Loan-Level Pricing Adjustments?

Technically, loan-level pricing adjustments do not apply to HARP refinances, but borrowers may be subject to LLPAs based on their respective credit scores or home-types (e.g.; 2-unit, 3-unit, 4-unit). Loan-to-Value LLPAs are reduced and/or waived.

Is there a minimum credit score to use the HARP program?

No, there is no minimum credit score requirement with the HARP refi program, per se. However, you must qualify for the mortgage based on traditional underwriting standards.

What does the term “DU Refi Plus” mean?

“DU Refi Plus” is the brand name Fannie Mae assigned to its particular flavor of the HARP program. “DU” stands for Desktop Underwriter. It’s a software program that simulates mortgage underwriting. “Refi Plus” is a gimmicky-sounding term that could have been anything. The name has been trademarked, however. As an aside, Freddie Mac is using the branded name “Relief Refinance”.

Can I remove my spouse or a co-signer with a HARP refinance?

Maybe. HARP guidelines specifically prohibit removing a co-signer from the note, but there are circumstances in which you can remove a co-signer from the mortgage and from the deed so that the former co-signer has no ownership interest in the home.

For how long should I lock my mortgage rate via the HARP Program

Lock for 30 days, at minimum. This is because the HARP program, while streamlined for simplicity, still has some grey areas that can lead to delay. It’s better to have a rate lock that lasts too long than not long enough.

When does the HARP program end?

If you are HARP-eligible, you must close on your mortgage prior to January 1, 2014 — 785 days from now.

How do I apply for the HARP program?

Click here for a free HARP rate quote. If the rate looks good, you can accept it. There is no fee for applying.

Apply For Home Affordable Refinance Program

When you’re ready to see mortgage rates, click here for a free HARP rate quote.

Lastly, don’t forget! The Home Affordable Refinance Program is not meant to save a home from foreclosure. It’s meant to give underwater homeowners a chance to refinance without paying PMI. If you need foreclosure help, call your current loan servicer immediately.

Contact me or Apply Today and see if you qualify for HARP.

Q&A written by Dan Green, a loan officer with Waterstone Mortgage in Cincinnati, Ohio, and the author of the nationally recognized mortgage blog, TheMortgageReports.com. Dan handles purchase and refinance mortgages, and can assist with the new HARP Refinance. Follow him on Twitter at @mortgagereports.

According to Conley, “almost all anxiety can be distilled down to two basic variables: what we don’t know and what we can’t control.”

Basically:

• ANXIETY = UNCERTAINTY x POWERLESSNESS.

Conley goes on to write the following:

“Once you know the emotional building blocks of Anxiety, you can influence them. Take out a piece of paper and label it “The Anxiety Balance Sheet.” Create four columns with the first one being a list of what you DO know with respect to this issue that is giving you anxiety. Then, in the second column, write down what you DON’T know. In the third column, list what you CAN influence with respect to this issue and, finally, in the fourth column, write down what you CAN’T influence.

Most people’s experience of this exercise is enlightening as they have more items in columns one and three (what they do know and what they can influence) than they expected. But, the magic comes from looking at what you don’t know and what you can’t control. Often, you can move an item from column two to column one by just asking a few knowledgeable people on the subject whether it’s regarding your likelihood of a promotion or your job security. And, I’ve often seen people review column four (like my first time home buyer clients) and realize that they may have a little more influence over some of these items than they’d previously considered.”

I know many of us are concerned about the future and what we can do to manage our anxiety about what’s to come. I found this exercise quite helpful, and thought you might as well.

So does that mean the “flipping days” are here again? Probably not. While there may be shrewd investors out there who have the ability to squeeze out a profit on flipping properties in this market, the margins aren’t favorable and re-selling is tough.

It is, however, an excellent time for buyers looking for a long-term home investment, especially those who want to manage a rental property. There’s a good margin between true value and current prices, for one. Additionally, there’s great potential for higher rental values as rental inventory decreases under the pressure of potential buyers who can’t yet qualify for a loan.

Do you have a college graduate or newlywed child? Another great investment is the purchase of a home for someone in the family that may occupy it as a tenant until such time they can afford their own home.

If you’re curious about which neighborhoods would make the purchase of an investment property a good move, feel free to contact me today. I’d be happy to help advise you on an investment purchase.

If you’re asked, “can I ever buy a home again?”
the answer is YES!

Below is a handy chart you can download, print or share!