Positive Real Estate Professionals

Want a lower mortgage payment? Want a lower interest rate? Got an FHA mortgage? Property value an issue? FHA Streamline Refinance is the answer. Up until now, the FHA streamline program was a hard product to use because of having to bring money in to close. This was due to establishing a new impound/escrow account for taxes [...]

USDA announced the official change in program guidelines for the 100% USDA Rural Guaranteed Home Loans officially raising the up front fee to 3.5% A side benefit to USDA Rural Development is that they now have the authority to charge a new annual fee of up to .5 percent. This is similar to the yearly mortgage insurance [...]

Today is one of those days that I feel like expressing a bit of outrage at those websites that purport to give out information about mortgages and real estate loans that you have no idea who they are or what they are trying to do. I get Google alerts for postings that have to do with several [...]

Last week I posted information about the new FHA refinance program that is targeting non FHA home owners that are upside down on their mortgage equity. FHA has come out with more information about the program and how it will work. Here are the eligibility requirements: Existing loan to be refinanced is not FHA insured; Must owe more on their mortgage than the value of [...]

I talk to people every day that are interested in seeing if it makes sense for them to refinance and sometimes I actually tell them no. I know that it is hard to believe but everyone that wants to refinance, should not do it. There are some “rule-of-thumb” guidelines out there that people have been hanging on [...]

Fred Chamberlin wrote a new blog post: HUD offers help to “certain” underwater home owners

I don’t know if this is a good deal or not, I am often not certain about the usefulness of government programs until I see them in action, but assuming that it is good, HUD has a new program coming out that will assist underwater NON-FHA home owners. This means negative equity [...]

  3 weeks, 1 day ago · View

Fred Chamberlin wrote a new blog post: USDA loans still being processed and funded

Although I have heard of several lenders that are not processing and funding USDA Rural Guaranteed Loans until Congress re-authorizes funding for the program, we at Alpine Mortgage Planning are funding USDA loans.
There are hoops that have to be jumped through for any lender that funds USDA loans under the [...]

  3 weeks, 3 days ago · View

Fred Chamberlin wrote a new blog post: Reverse Mortgages are down for year nationally

Given the amount of advertising being done for reverse mortgages in Oregon and nationwide, it is surprising but the number of reverse mortgage is actually down.  “This article explains a lot of the reasons behind reverse mortgages actually being off nearly 40 [...]

  3 weeks, 3 days ago · View

Fred Chamberlin wrote a new blog post: Is your Eugene/Springfield loan officer licensed?

August 1, all loan officers have to be licensed through the National Mortgage Licensing System (NMLS) and the state they are doing business in unless they work for a national bank. So, if you are working with a loan officer you should find out if they are licensed. The NMLS now has [...]

  3 weeks, 6 days ago · View

Fred Chamberlin wrote a new blog post: Tax Credit closing date extended

This week after passing the House and Senate and signed by the President, the closing date for the First Time and “Move Up” Home Buyer tax credit was extended to September 30. I want to make this perfectly clear, the closing date for those purchases qualifying for the tax credit has been [...]

  1 month, 3 weeks ago · View

Fred Chamberlin wrote a new blog post: First Time Home Buyer – Getting the Right Loan

A friend and colleague of mine, Danny Thornton, wrote the [...]

  2 months ago · View

Fred Chamberlin wrote a new blog post: Top Mortgage Terms To Know

While most mortgage web sites offer a glossary containing hundreds of real estate and lending related terms, we wanted to highlight the top terms that most borrowers will hear several times throughout the approval and home buying process. 
Understanding the “Shop Talk” between [...]

  2 months ago · View

Fred Chamberlin wrote a new blog post: Top 8 Things To Ask Your Lender During The Application Process

Knowing what questions to ask your lender during or before the loan application process is essential for making your mortgage approval process as smooth as possible.
Many borrowers fail to ask the right questions during the mortgage pre-qualification process and end [...]

  2 months ago · View

Fred Chamberlin wrote a new blog post: Common Documents Required For A Mortgage Pre-Approval

Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review [...]

  2 months ago · View

Fred Chamberlin wrote a new blog post: Calculating Loan-to-Value (LTV)

Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and program you may qualify for.
Since the LTV Ratio is a major component of getting approved for a [...]

  2 months ago · View

Fred Chamberlin wrote a new blog post: Ten Things You Can Do To Protect Your Identity

Facts About Identity Theft:
It’s estimated that there were 10 million victims of identity theft in 2008, and 1 in every 10 U.S. consumers have reported having their identity stolen.
The U.S. Department of Justice reported in 2005 that 1.6 million households [...]

  2 months, 4 weeks ago · View

Fred Chamberlin wrote a new blog post: What's The Difference Between Interest Rate and Annual Percentage Rate (APR)?

The difference between APR and actual note rate is very confusing, especially for First-Time Home Buyers who haven’t been through the entire closing process before.
When shopping for a new mortgage loan, you may notice an Annual Percentage Rate (APR) advertised next to the note [...]

  3 months ago · View

Fred Chamberlin wrote a new blog post: Top Five Market Factors That Influence Mortgage Rates

Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for the professionals.
While there are several generic interest rate trend indicators online, the difference between what’s advertised and actually attainable can [...]

  3 months ago · View