Finding Portland, Oregon… This is my Hometown!
Produced 2012 by Uncage the Soul Productions Ben Canales, John Waller, Steve Engman, Blake Johnson http://www.uncagethesoul.com 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 ...
More Bank-Owned Homes Headed Our Way?
With the National Mortgage Settlement (aka ‘Robo-Settlement’) finally negotiated, major lenders are now able to re-examine their plans for dealing with the backlog of bank-owned homes. Oregon bank-owned homes may be only a tiny portion of the almost 1 million in play nationally, but are nonetheless subject to the wider phenomenon. Banks well realize that at some point, these homes have to enter the housing market. 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, ...
Warren Buffet Now: “Buy!”
Since everyone in the country knows who Billionaire Warren Buffet is, it’s fair to call him the most prominent investment expert around. So, when Mr. Buffet offers his opinion of the housing market as he did during a recent interview, Oregon residents considering whether to buy a home (or sell one) had good reason to pay attention. 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 ...
Mortgage Rates: Getting Right to the Points
The subprime mortgage crisis and the resulting haymaker it dealt the entire housing market has caused noticeable changes in how Portland, OR homeowners look at mortgage rates and the loans they negotiate. 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 ...
Kids Becoming Home Owners?
Wanted to check-in and share something I thought was pretty incredible (and inspiring). I’m going to go out on a limb here and guess that when you were fourteen, you weren’t thinking about buying your first home. Well, believe it or not, there’s a young girl in Florida who has taken advantage of this incredible buyer’s market. 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 ...
Home Affordability Refinance Program… Questions and Answers
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 ...
Know This Formula: Anxiety = Uncertainty x Powerlessness
I recently came across an interesting article called “MASTERING THE ANXIETY EQUATION: A REMEDY FOR FEARFUL TIMES” published by Chip Conley, author and CEO. The article was inspired by his recent book, Emotional Equations: Simple Truths for Creating Happiness+ Success. I thought you might find a section of the article helpful in uncertain times, and wanted to share. 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 ...
FHA Mortgage Holders… Listen Up! Savings May Be On the Horizon
President Obama Unveils Housing Initiative at Super Tuesday News Conference President Barack Obama is aiming mortgage relief at members of the military as well as homeowners with government-insured loans, the administration’s latest efforts to address a persistent housing crisis. Obama told reporters at his 19th solo White House news conference that he is not satisfied to "sit by and wait while the housing market hits bottom," casting himself as a president in charge of the recovery. This is really big news if you have an FHA loan on your home and haven't been able to take advantage of the lower rates becuase of ...
Buy to Invest… Not Flip
Now is perhaps one of the best times in history to purchase a home. Low interest rates and unparalleled affordability have created a perfect storm for qualified buyers. 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 ...
Life Doesn’t Always Go As Planned
Life doesn’t always go as planned. At Pacific Residential Mortgage, we recognize that many of our friends, neighbors and customers have had life events that have led to bankruptcy, short sale and even foreclosure. But, if someone has had the unfortunate experience of one of these difficult credit events, will that put home ownership out of reach? At Pacific Residential Mortgage, we realize that bad things can happen to good people, so we offer a product line of loans for folks who’ve experienced difficult credit events. If you’re asked, “can I ever buy a home again?” the answer is YES! Below is a ...
Effective immediately, the CashAdvantage option for the Residential Loan Program is available for Non-Target and Target areas in Oregon.
The rate is 4.40% and 3% (of the Note amount) cash assistance is available for down-payment, closing costs, or prepaids.
Funds are limited so get your reservations in SOON!
Stop by my page www-Michael-Eiden.com and get prequalfied!
Posted in Home Advice by .
OHCS helps low and moderate-income families in Oregon buy their first home by providing below-market rate financing and cash assistance through its Residential Loan Program. The program’s below-market rate helps eligible families increase their home purchasing power and lowers their monthly house payments.
Eligible borrowers will have two options to choose between – CashAdvantage Home Loan or RateAdvantage Home Loan.
With CashAdvantage (TARGET AREAS ONLY), borrowers will receive 3 percent of the loan amount as a cash grant to use for down payment or closing costs, plus a home loan at a low interest rate.
Under RateAdvantage, borrowers do not receive any cash, but instead get a loan at the state’s best rate of 3.875 percent. The low fixed rate maximizes borrowers’ buying power.
If you need to get prequalifed for a home loan would like to see if the Oregon Bond is for you, stop by my mortgage page to get prequalied. For more information on the Oregon Bond program, you can visit their site at www.oregonbond.us.
Posted in FHA Mortgages Home Advice HUD/FHA by .
What America Is All About
Having been a Marine myself, I have a lot of respect and admiration for this Staff Sargent. God bless him and the rest of our service men and women who have fought for our country 200+ years. Semper Fi Staff Sargent, you would have made Chesty proud. Ooh Rah!
MI tax deductibility law extended through 2011!
Borrower-paid MI premiums are tax-deductible through the year 2011. Below are answers to commonly asked questions regarding the law.
Borrowers should consult their tax advisors regarding MI tax deductibility. See disclaimer note below.
FAQs
Does the bill apply to MGIC mortgage insurance?
Yes, borrower-paid MI provided by MGIC qualifies for the deduction. This includes our Monthly, One-Time MI and Split Premium plans. There are varied opinions on the deductibility of lender-paid MI as the IRS has not yet clarified the deductibility. It is recommended that borrowers consult their tax advisors regarding the amount that is deductible.
What types of mortgage loans qualify for the MI tax deduction?
Loans used for “acquisition indebtedness” — that is, money borrowed to buy, build or substantially improve a residence — are eligible, as long as the debt is secured by the same residence. This includes purchase loans and refinance loans, up to the original acquisition indebtedness. (Money borrowed against the equity in a home or when refinancing a home for any reason other than to buy, build or substantially improve a residence is called “equity indebtedness.”)
When refinancing a piggyback loan originally used to acquire a property, is the original loan amount considered the sum of the two mortgages or only the primary mortgage amount without the second lien included?
The original acquisition indebtedness is considered to be the sum of the two mortgages.
Is deductibility applicable for all loan types?
There is no differentiation among loan types.
What types of properties are eligible for tax deductibility?
The deduction applies to “qualified residences,” as defined in the Internal Revenue Code. Generally, that includes the borrower’s primary residence and a nonrental second home. As with mortgage interest, borrowers can deduct mortgage insurance premiums paid on both their primary residence and one other qualified residence each year. Investor loans are not eligible.
Who qualifies for this itemized deduction?
Households with adjusted gross incomes of $100,000 or less will be able to deduct 100% of their MI premiums. The deduction is reduced by 10% for each additional $1,000 of adjusted gross household income, phasing out after $109,000. (Details below.)
Married individuals filing separate returns who have adjusted gross incomes of $50,000 or less will be able to deduct 50% of their MI premiums. The deduction is reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500. (Details below.)
The deduction is not restricted to first-time homebuyers.
Is adjusted gross income calculated before or after deductions?
Adjusted gross income is calculated before itemized deductions, including the MI deduction.
How does the MI tax deduction work?
Borrowers who itemize deductions are able to reduce their overall taxable income in the same manner as mortgage interest.
Are borrower-paid, single premiums, which are paid up front in a lump sum, eligible for the deduction?
Yes, borrower-paid, single-premiums are eligible for the deduction under the new law. Borrowers should consult with a professional tax advisor to determine the amount of the MI premium eligible for the tax deduction.
If the single premium is financed, are both the mortgage insurance premium and the interest tax deductible?
We believe that if the loan is for acquisition indebtedness, both the interest attributable to the entire loan balance as well as the allocated portion of the mortgage insurance premium are tax deductible.
How would a premium refund issued during the tax year affect eligibility and the amount of the MI deduction?
Borrowers are only permitted to deduct that portion of their MI premium attributable to a tax year. If the MI is dropped, and a refund is paid, the amount refunded would reduce the amount of MI premium that could be attributable to that tax year and be deducted.
Note: MGIC cannot provide tax advice. Taxpayers should consult their tax advisor to ascertain if they are eligible to take this deduction. The answers to these questions are based on an interpretation of the language of the statute, the Joint Committee on Taxation’s Technical Explanation of the statutory language, and present law. The Internal Revenue Service (“IRS”) will issue guidance interpreting the new provision, and could reach different conclusions for some of the issues raised.
Posted in Home Advice Mortgage Insurance by .
Jun 11
7
HomePath Mortgage Financing
HomePath Mortgage Financing
HomePath financing is only available on Fannie Mae owned homes. Checkout the listings at HomePath.com!
Here are some quick highlights:
• Low down payment and flexible mortgage terms. Available to both owner-occupants
and investors:
- Owner occupied – 3% down
- Second homes – 10% down
- Investment – 10% 1 -2 units; 25% 3-4 units
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer. You may qualify even if your credit is less than perfect.
• Seller contributions 6% for Owner occupied
• No mortgage insurance
• No appraisal
Incentive Offer Available!
Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011. Buyers or their selling agents must request the incentive option upon submission of initial offer in order to be eligible. Initial offer must be submitted on or after April 11, 2011 and sale must close by June 30, 2011. Other restrictions apply. See Special Offers tab for full terms & conditions.
Click here to download a color flyer: Buyer Closing Cost Incentive
Posted in Home Advice by .
(ARA) – Maybe you’ve watched one too many home improvement shows. Perhaps you’re still stinging from that holiday guest’s comment about how your kitchen countertop has seen better days. Or maybe you’re just really tired of the same old, same old every day.
Whatever the reason the remodeling itch has settled into your brain, before you bring in a contractor – or pick up a hammer – you should consider two important questions: How will you fund your project? And will it be worth it in the end?
A little research and credit self-assessment can answer both questions. In addition to pulling your credit report to see how likely you are to qualify for good loan terms, you should consider the potential resale value of the improvement, how it will improve your life and if it will enhance your enjoyment of your home.
Fortunately, it’s not difficult to evaluate the potential resale value. Kitchen and bathroom remodels, adding a deck, or finishing a basement or attic are all popular renovations because they upgrade the most-used rooms in the house or add living space.
In terms of resale value, here are some popular projects with high paybacks, according to Remodeling Magazine’s 2009-2010 Cost versus Value Report:
- Adding an attic bedroom – 83.1 percent
- Adding a wooden deck – 80.6 percent
- Minor kitchen remodel – 78.3 percent
- Major kitchen remodel – 72.1 percent
- Basement remodel – 75.4 percent
- Bathroom remodel – 71 percent
Keep in mind that smaller remodels, while costing less than major jobs, can still have a major impact on how your home looks and feels. For example, simply replacing that old front door with a steel version can cost around $1,000 but offers a return on investment of nearly 129 percent, according to the report.
Another factor to consider when weighing the value of any remodeling project is how it will affect your quality of life in terms of financial security. It’s important to be sure the cost of the project won’t be a financial burden that detracts from your enjoyment of the results.
To help understand your current credit status and how it might affect your remodeling loan terms, obtain a copy of your credit report. Websites like CreditReport.com can provide you with a credit report with your paid monitoring membership. Obtaining your credit report and monitoring your credit can help you identify any inaccuracies or errors that might lead to higher interest rates, and also catch and resolve potential fraud quickly. You’ll also find tips on the website for understanding your credit, and tools such as a credit score tracker to help you anticipate how certain financial decisions – like financing a remodel – might affect your credit.
Remodeling projects will likely remain popular as homeowners continue to stay put in a still-sluggish real estate market, experts agree. With some careful planning, budgeting, research and credit insight, you can ensure you reap the most financial and personal value for whatever renovation you decide to undertake.
Courtesy of ARAcontent
Our firm does not endorse any vendor and disclaims responsibility for any product, promotion or content mentioned in this article.
Posted in Home Advice Home Values Mortgage Market by .
Ran across this great article the explains why exactly NOW is literally the best time to buy in recorded history. Get in touch with me for questions about getting preapproved to buy your home.
Excerpts from the article:
By Dr. Steve Sjuggerud
Wednesday, June 1, 2011Now is literally the best time in recorded history to buy a house in America…
Right now – today – U.S. real estate is the most affordable it’s ever been. Ever.
When I say “affordable,” I’m looking at three things: house prices, mortgage rates, and incomes. With the Affordability Index near 200, the median family has 200% of the income necessary to buy the median home (or more specifically, to qualify for a conventional loan on the median home).
Right now, as you know, house prices are sitting near new lows for this cycle, down by roughly one-third (depending on who’s counting). And right now, mortgage rates – after ticking above 5% earlier this year – are all the way down to 4.5% again, near all-time lows.
So it’s simple: With the worst house-price crash in American history, combined with the lowest mortgage rates in history, you can now afford more home than ever. Meanwhile, hope is gone. Everyone thinks housing is hopeless. That is when a bear market ends and a new bull market begins.
At a conference I attended last month, some speakers spoke woefully of the large supply of houses for sale. That will take care of itself in time. Others bemoaned the certainty of higher interest rates in the future, which would hurt housing. But they shouldn’t be so certain…
Twenty years ago, Japan faced a housing bust similar to ours. Japan’s government has cut interest rates to near zero and printed money. And long-term interest rates in Japan currently sit around 1%. Even rising interest rates won’t kill housing… In the 1970s, interest rates were rising, and house prices outperformed stock prices.
The story is simple: House prices have fallen more than ever… And mortgage rates are lower than ever. If you can buy a house now (and want one), go for it.
Now is the best time in American history to do it.
Good investing,
Posted in Home Values Mortgage Guidelines Mortgage Market by .
It’s not often we get to be in the spotlight from a national news source. However, he we are and it’s a good thing! A recent article in the Bloomberg/Businessweek highlighted Portland, OR with the largest real price gain in home values since 1990.
Here are some quick excerpts from the article:
The era of get-rich-quick real estate is dead. The era of increasing long-term wealth in your home is back.
Historical data from the National Association of Realtors (and adjusted for inflation by Businessweek.com) show that in 18 of the 25 largest metro areas in the U.S., the value of homes purchased in 1990 had increased by 2010, often by double digits. And this in a year when real estate prices around the country have softened since their peak in 2006. These houses would have been worth even more a few years ago.
While that’s cold comfort for the many Americans whose homes have lost more than $1.7 trillion in value in 2010, according to a new report by Zillow.com, it underscores the fact that homeowners who buy for the long term have historically seen the value of their investment increase over the years. In inflation-adjusted terms, the median U.S. home sale price in the third quarter remains approximately 9.5 percent higher than in 1990, despite falling 26 percent from peak levels, according to calculations based on NAR data.
Says Greg Hebner, chief operating officer at Sorrento Capital, an Irvine (Calif.) asset management firm: “You should at least be looking at housing now,” especially as interest rates are low and homeowners can deduct mortgage interest from their income taxes. “It’s still a good game” if a buyer understands the risks, has consistent income, and purchases a house he can afford, Hebner says.
When Supply Is Limited
Based on data since 1968, nominal U.S. home prices have risen 5.5 percent annually and outpaced inflation by about 1 percent to 2 percent, says Lawrence Yun, NAR’s chief economist. The main reasons housing has grown faster than inflation, he says, are that more people wanted to buy in places with a finite supply of developable land, which drove up prices, and owners increased the value of their properties through home improvements.
Home prices followed this pattern through most the 1990s but started shooting up in the early 2000s. Between 2000 and 2006, nominal prices rose 89 percent, according to data from Moody’s Economy.com and Fiserv (FISV), a financial service company in Brookfield, Wis.
Economists from NAR, Fiserv, and Moody’s Analytics interviewed for this story expect home prices to continue to grow slightly more than inflation in the long term. Still, buyers are not likely to see prices skyrocket the way they did in the early 2000s, at least in the near future.
Up by Half, or More
In an analysis of the country’s 25 largest metro areas, Businessweek.com found that the Portland (Ore.) area had the largest real price gain since 1990, with the median sale price in this year’s third quarter ($242,100) up about 85 percent over 1990, in inflation-adjusted terms. Home prices in the Denver, Baltimore, and Seattle areas also made gains of more than 50 percent in that period.
As a Mortgage Banker/Broker for Pacific Residential Mortgage in Portland, OR I am happy to see a national news outlet confirming what I have been relaying to my clients. The get rich quick scheme for real estate has been dead for sometime and aruably should never have started.
Posted in Consumer Confidence Home Values by .
NEWS RELEASE
For Press Inquiries:
Justine Saudan, Media Relations
4949 Meadows Road Suite 150
Lake Oswego, OR 97035
PACIFIC RESIDENTIAL MORTGAGE
FOR IMMEDIATE RELEASE
PACIFIC RESIDENTIAL MORTGAGE, is pleased to announce that Michael Eiden Sr. Mortgage Banker MLO-165229, has joined our Lake Oswego Branch. Michael’s passion lies in serving the needs of others and contributing to his community. A former United States Marine, Michael’s exceptional service skills have helped businesses and individuals with their financial goals for over 14 years. As a Mortgage Banker he has made it his mission to use his planning skills to help folks obtain a mortgage properly—whether it is through a refinance or purchase of a primary or investment real estate property. Michael takes great pride in his work and is available to serve you. We are excited to have him as a part of our team!
About Pacific Residential Mortgage (PRM)
In May of 2004, Pacific Residential Mortgage (PRM) opened a new kind of Mortgage Company. Made up of seasoned professionals, PRM’s rapid success is based on its decision to hire only top quality loan originators with a reputation for character, integrity and quality.
As a broker and a banker, PRM offers the highest degree of flexibility to best meet the changing needs of all clients by providing a combination of the best products, the best service and the most competitive rates available. Dreams Approved Daily®
Posted in Home Advice Mortgage Market by .
203k Loans are a fantastic way to purchase a home that needs a little TLC. You can buy a home at a great price, borrower money to fix it up and make it your own! Check out the 2 videos below to learn more! Then contact me for an application and I can get you started!
203k Loans 1 of 2
203k Home Improvement Loan Part 1 of 2
203k Loans 2 of 2
203k Home Improvement Loans Part 2 of 2
Posted in FHA Mortgages HUD/FHA by .
