OregonMortgagePlanning.com

Hud is looking to raise fees in order to offset rising delinquencies.

Getting pre-pproved for a home loan (mortgage) today involves paying attention to details and making sure you provide your Mortgage Advisor with as much documentationn as you can up-front in your intitial meeting.  In the past the pre-approval process usually just consisted of an application taken at the time of your initial interview, however in today’s mortgage world it is recommended that in order to be accurate an avoid future surprises during the home-buying process you bring in all of the items required at the beginning.

Here is a good starting checklist of items to bring with you:

1. Your last two years Federal Tax Returns, ALL schedules and pages.  If self-employed you should also bring in your last two years business returns.
2. Your last two years W-2’s (for all borrowers on the loan)
3. Your last TWO months Bank Statements ( ALL ACCOUNTS & ALL PAGES)
4. Your las TWO Retirement or Stock Account Statements (ALL PAGES)
5. If you know of any credit situations (ie Bankruptcy, Judgements, etc.)  provide all written documentation pertaining to these items, along with an explanation.
6. If you receive Other Income (ie Pensions, Social Security, Alimony, etc.) provide all written documentation you can to support these payments

The more prepared you are today at the beginning will make the entire process a little less stressful later.

I came across a very informational (if not somewhat depressing) blog with a lot of data including useful charts and graphs illustrating housing prices.

Chec this out: http://www.housingbubblebust.com/

According to a lot of the data shown, Oregon housing prices may continue to decline as they head towards the historical inflation guideline of where housing prices typically hover.

I am a believer that this data, though helpful, does not always display the entire picture.

I know here in Eugene we have seen some appreciation in homes priced uner $350,000 and have been told that inventory in this price range is a very healthy 6 months or less.  The price range above this however seems to have ran into a glutten of inventory – some agents estimating 12-18 months which is an indicator that many of these homes are over-priced still.

What the data does not show is that there are A LOT of good deals out there.  Smart sellers and agents who understand the market and price their homes based on today and not 2006 prices will find buyers for their properties.

The big concern this year will be what happens to interest rates.  Mortgage interest rates started, and remained low for all of 2009 thanks the the Fed purchasing over $1 Trillion worth of Mortgage Backed Securities.  As we near the end of this buying cycle it will be interesting to see if interest rates will remain low, or if they will head right back to levels in late 2008 before the Fed announced their plan? 

The above chart illustrates where mortgage prices (prices low = rates high) were before the Feds announcement to purchase billions (later changed to over a trillion) of mortgage backed securities.

What a year!  2009 was another year of rapid change in the mortgage industry.  We saw all-time low interest rates (thanks Ben Bernanke), a first-time home buyer tax credit (extended until April 2010 – YEAH!) and an increase in compliance and regulation like no other year I have seen in my 10 years in the profession.  I want to thank ALL of my clients for their trust and referrals this past year, and thank many of you for just hanging in there when things got a little tough.  Mortgages are not quite as easy as they used to be.

I wish you all a great 2010, and one of my resolutions is to post frequently on this blog so please check back often.

THE LENDING COMPANY BECOMES OPES ADVISORS AND PROVIDES ADDITIONAL VALUE DURING MORTGAGE ORIGINATION PROCESS

Mortgage Banking Capability Offers Best Selection of Loan Products at Competitive Rates

FOR IMMEDIATE RELEASE: December 9, 2009, Eugene, OR: The Lending Company announced today that it has become a part of Opes Advisors, a financial advisory firm specializing in wealth management and mortgage banking. With this unique blend of expertise, Opes Advisors works with clients to think through how much home they can afford to buy and how the mortgage they obtain will support their overall financial strategy and maximize their tax efficiencies.

“We are excited The Lending Company has become a part of Opes Advisors,” said Susan McHan, Co-founder, President and CEO of Opes Advisors.  “Industry veterans, their team brings their expertise in FHA to our organization, giving options to those that are often marginalized when it comes to buying a home.”

“We are excited to be a part of the Opes Advisors team,” said John Leach, Co-Branch Manager of Opes Advisors’ Eugene branch.  “And, now that we are a Mortgage Bank, we underwrite, process and fund all of our loans in our local branch which keeps our cost of funds lower and allows us to remain extremely competitive. It also allows us to maintain complete control over the loan process, enabling us to remain responsive, reliable, close quickly and better serve our clients and Realtor^® partners.”

A major distinction with Opes Advisors, is that many of their Mortgage Advisors are licensed Series 65 Investment Advisor Representatives (a securities license required for individuals that act as investment advisors).  This education and licensing, combined with their Mortgage expertise, allows them to advise their clients, not just on the specific mortgage tailored to their client, but also how that mortgage affects their overall financial and investment concerns. Mortgage Advisors at Opes Advisors utilize Opes’ proprietary software to create personalized financial forecasts for clients and show the impact those decisions can have on their specific goals for the future. They then review the details with Opes’ Wealth Management group which gives the Chartered Financial Analysts™ and Certified Financial Planners® the information they need to determine effective investment strategies to help clients build their wealth.

About Opes Advisors

Opes Advisors is a wealth management firm specializing in Investment Management and Residential Mortgage Banking with expertise that encompasses stocks, bonds, real estate and real estate financing.  Opes provides comprehensive advisory services in personal finance management including investment management, real estate financing and strategic tax and financial planning.  Locations include Eugene, Los Gatos, Marin, Palo Alto, San Diego and San Mateo. http://www.opesadvisors.com