Fred Chamberlin's Activity RSS Feed
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Fred Chamberlin wrote a new blog post: Tax Credit closing date extended 3 weeks ago
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 [...]
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Fred Chamberlin and Darla Rowley are now friends 3 weeks, 2 days ago
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Fred Chamberlin wrote a new blog post: First Time Home Buyer – Getting the Right Loan 4 weeks, 1 day ago
A friend and colleague of mine, Danny Thornton, wrote the [...]
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Fred Chamberlin wrote a new blog post: Top Mortgage Terms To Know 1 month ago
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 [...] -
Fred Chamberlin wrote a new blog post: Top 8 Things To Ask Your Lender During The Application Process 1 month ago
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 [...] -
Fred Chamberlin wrote a new blog post: Common Documents Required For A Mortgage Pre-Approval 1 month ago
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 [...]
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Fred Chamberlin wrote a new blog post: Calculating Loan-to-Value (LTV) 1 month ago
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 [...] -
Fred Chamberlin wrote a new blog post: Ten Things You Can Do To Protect Your Identity 1 month, 3 weeks ago
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 [...] -
Fred Chamberlin and sherryandmariateam are now friends 1 month, 3 weeks ago
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Fred Chamberlin wrote a new blog post: What's The Difference Between Interest Rate and Annual Percentage Rate (APR)? 2 months ago
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 [...] -
Fred Chamberlin wrote a new blog post: Top Five Market Factors That Influence Mortgage Rates 2 months ago
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 [...] -
Fred Chamberlin wrote a new blog post: What You Need To Know About The Home Inspection Process 2 months ago
Congratulations on finding a house!
You now have only a few days from when you signed the purchase and sales agreement to have a home inspection.
Chances are your real estate agent made the offer contingent upon a satisfactorily home inspection and obtaining mortgage financing.
What Is [...] -
Fred Chamberlin wrote a new blog post: HOA Hurdles to be Aware of When Looking at New Properties 2 months ago
A Home Owner Association (HOA) can have a huge impact on your life when you buy a home in a PUD (Planned Unit Development) or Condominium Project.
According to Wikipedia:A homeowners’ association (abbrev. HOA) is an organization created by a real estate developer for the [...]
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Fred Chamberlin wrote a new blog post: Making Sure Your Cash-To-Close Comes From The Proper Source 2 months ago
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process.
There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied [...] -
Fred Chamberlin wrote a new blog post: Do you need a hug? Best line I have heard lately 2 months, 1 week ago
I read a lot of different reports and article to keep up with what is happening in financial markets in general and the Eugene/Springfield mortgage industry in specific. So today I want to relay an anecdote that was published in the May issue of the Niche Report by Rick Roque and [...]
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Fred Chamberlin wrote a new blog post: Ten Credit Do's and Don'ts To Bear In Mind Prior To Getting Your Mortgage Loan 2 months, 2 weeks ago
How can a fully approved loan get denied for funding after the borrower has signed loan docs?
Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
This [...] -
Fred Chamberlin wrote a new blog post: Seven Things Your Agent Should Know About Your Mortgage Approval 2 months, 2 weeks ago
While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.
New regulation, updated disclosures, appraisal guidelines, [...] -
Fred Chamberlin wrote a new blog post: Renting vs Buying A Home 2 months, 2 weeks ago
Buying a home versus renting is a big decision that takes careful consideration.
While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion.
Yes, there are some [...] -
Fred Chamberlin wrote a new blog post: Where Does My Earnest Money Go? 2 months, 2 weeks ago
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go?
A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted.
According to Wikipedia:
Earnest Money [...]
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Fred Chamberlin wrote a new blog post: How Much Can I Afford? 2 months, 2 weeks ago
How much mortgage money can I qualify to borrow?
This is typically the number one question mortgage professionals are asked by new clients.
Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they [...] -
Fred Chamberlin wrote a new blog post: Assembling Your Home Buying Team – Knowing The Players 2 months, 2 weeks ago
Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. In the Eugene/Springfield area, it is important that you chose your team wisely. This isn’t like [...] -
Sometimes it seems that the government can’t make up its mind. Here is today’s example.
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SFH Origination News
From the National Office in Washington DC
05/12/2010
Fiscal Year 2010 Appropriated Funds – Issuing Conditional Commitments once Appropriated Funds are Exhausted
The purpose of this notice is to recall and void the guidance that was released on May [...] -
Any new submissions for a USDA Guaranteed Rural Home Loan must be manually underwritten and have a 3.5% guarantee fee instead of the 2% guarantee fee previously. According to our underwriting deparment, this is from USDA and they expect the actual [...]
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Fred Chamberlin wrote a new blog post: Eugene/Springfield Mortgage Rate Market Gets Greeced 2 months, 3 weeks ago
Mortgage Backed Securities (MBS) are what effect the interest rates that clients will pay in the Eugene/Springfield Oregon mortgage Market. Volatility in this market can be good or bad for interest rates and can be effected by a number of factors.
One of the big things that [...] -
Fred Chamberlin wrote a new blog post: Fannie Mae My Community Program Returns 2 months, 3 weeks ago
I just received notice that we are once again offering the Fannie Mae My Community Mortgage program. This is an alternative to FHA loans, especially for those with higher credit scores. The My Community program offers financing for purchase transactions on owner occupied single family residences up to 97% loan to [...]