Rounding Up Business

With tumultuous times in the home buying market, it seems loans are harder and harder to come by. The media has played it's role in the scare tactics that have been placed in front of potential home buyers but I tend to disagree with their point of view.

I have learned in my profession that living in a "declining" state may not be the bleak forecast many of your are lead to believe. For example, in Oregon, if just one county is in a declining market, then for the sake of simplicity, the entire state is labeled as being in decline. That doesn't mean your area is declining or even the area you are looking to relocate to.

As I have posted before, if you can purchase, do! In declining markets prices may dip but rest assured they will rise again. I don't believe any home that was purchased 20 years ago or even 10 years ago has a value less than the selling price. Especially if you look to be in your property for several years, don't be afraid to take the leap and buy.

Another reason to take the leap is that for awhile now, rates will not be any lower. At Primary Residential Mortgage, Inc., we are lucky to have a team of advisers who steadily throughout the day provide us with insight as to current market trends which allow us to better advise our clients as to what the next move should be.

As I started to say, programs for home loans are being cut every day. But what you may not know is that lenders are also looking for solutions to the first time home buyer to get their home with little to know money down. There is a way.

I am so proud to work where I do where integrity is abundant. I specialize in taking the first time home buyer by the hand and walking them through the home buying process. If there is a way, I can find it. So if you live in Washington or Oregon and you are interested in learning if you can buy a home, give me a call. I'll be glad to advise you on the next step. Now is not the time to get caught with second rate lenders who sell you a bill of goods only for you to find that the deal wasn't as great as you originally thought.

Don't Wait...BUY!

Now how did I manage to miss April? Time flies when you are having fun! Right now, the alledged recession and the housing crunch seems to be on everyone's mind. The fed's dropping the rate did not bounce in the favor of interest rates as much as lenders like myself had hoped but we are seeing some relief. Moment to moment rate updates show that we are still on that home loan percentage rate roller coaster.

My advice to you? If you are at all in a position to buy, do it. Don't walk, run to your local lender. Rates will not get lower over the next 4-6 months. In fact they may get higher. And if I am wrong? You can bet they will increase in 2009. What are my predictions? I don't think we are on our way to the 13% rates we saw in the 80's but I do think the days of the low 5%'s are a thing of the past for awhile. Never say never. Credit is an issue with many potential home buyers today.

Lending investors are not as forgiving of credit issues and sub-prime rates have been replaced with FHA programs. It is possible for a first time homebuyer to get into a property with little to no money down with a motivated seller paying closing costs, yes, even FHA. I'd be happy to explain the particulars of this program if you are interested.

Let's not forget the big picture. We are still looking at conventional rates in the low to mid 6% range. These are still great rates. Take advantage of this if you can. Yes, home values are dipping for a bit. But if you plan on making your home purchase a long term investment, you can bet that as the value has dipped that it will again rise.

If you live in the states of Oregon or Washington and I can be of any assistance to you or help you prequalify for a loan, don't hesitate to call me. 541.786.1613 or email me at CBarber@primeres.com. Good luck and it's not as bleak as it seems.

How to Feel Good About Your Mortgage Loan

If you have ever been through or begun a home loan process, you know that it can be daunting and scary. So many new terms to know and sorting out what they all mean can be very intimidating. It doesn't have to be that way. You can find someone to be your advocate and someone who can work for you.

First of all, the mortgage market is not as bleak as the media would have it seem. As a Loan Officer for Lending Tree/Primary Residential Mortgage, I'm here to tell you that even in this traditionally slower market time, our phones are still ringing and homes are still being bought by motivated buyers at a rapid pace. All is not lost. A home investment is still and investment where in the majority of the cases a profit is made on your investment.

To take some of the mystery out of the process, don't have a potential loan officer run your credit right away. Having too many inquiries on your credit report can adversely effect your credit. Be reasonably sure that you are ready to proceed with a loan and that particular loan officer to avoid unnecessary hits to your credit and wasting the time of the loan officer if you aren't ready.

Spend some time visiting with your Loan Officer. Find out where they are located. Ask questions. See how willing your loan officer is to answer your questions and work with you on your particular circumstances. If the loan officer is more interested in "making the deal" than helping you through your home purchasing process, move on. Find someone who is willing to be your advocate from first phone call to beyond your closing.

Be honest about your circumstances. If you know you have struggled financially and have some adverse marks on your credit, come clean early. Your loan officer will know once your credit is ran what your payment history is. If a debt is your spouses but your name is on the account, the debt is yours too. If you have cosigned for a loan for someone other than yourself, it shows on your credit as an outstanding debt. Knowing this will help you be better prepared for what credit report might have to show you.

Be sure to provide more information to your loan officer, not less. And be sure your loan officer is willing to do the same for you. Finding a good loan officer will make you feel comfortable throughout your home buying process and you'll look for that person to do business again. A good loan officer will want your business for life. Not just for the deal.

Considering the Move to Paradise?

Watching the news and the conversations about the housing market can be a little bit daunting. But here in the Pacific Northwest, we are not feeling that same housing pinch the rest of the nation struggles with. In fact, it was in our local papers yesterday that the population of Oregon alone is increasing. My thoughts? People are ready for a better life. I can't think of a better place to get it than in the states of Oregon or Washington.

If you are someone who is considering a home in these states, please contact me. I can provide you with a competive rate for your home loan and provide you with the best offer for your needs. You have nothing to lose and everything to gain. Contact me today at cbarber@primeres.com. I look forward to hearing from you.