Eugene Loan Guy

Archive for June, 2009

One of the most watched reports in the housing industry came out today, the Standard and Poor’s Case Shiller Home Price Indices which measures the value of home prices in 20 metropolitan markets across the United States. These indices come out monthly but have a two month time lag. That means the information that came out today was for April. Of the 20 national markets followed, a couple actually showed a positive improvement over March and many showed less of a slide than the previous months. Read More

The City of Springfield (OR), along with several lenders, homebuilders and the Springfield Board of Realtors is sponsoring a Homebuyers Fair tomorrow, 11-3 p.m. It will be held in the lobby of City Hall, 225 5th St and also at 20 homes that are open for viewing. I will be in attendance at 2136 15th St., Springfield, along with Laurie Adams, Fairway Real Estate. Read More

What is a “cash-out” refinance? Does it mean that the person refinancing a mortgage is walking away with a pocketful of cash? To answer that question, after the interesting post from Danny Thornton about “no-cash-out” or rate and term refinances is my latest quest. First, cash out refinance does not necessarily mean cash in hand. A new loan can be cash out refinance if the loan is used to pay off an existing second mortgage that was not used to purchase the property. In a case like this, there might be no cash left over or even require cash to be brought in to close and it would still be considered a “cash out” refinance. Read More

I have posted about the HVCC, Home Value Code of Conduct, in a recent post on Active Rain asking people to sign a petition to have this brain storm of a megalomaniac politician done away with. The HVCC requires the use of an appraisal management company for all conventional appraisals since May 1. This effects every real estate purchase and mortgage that is not government. When I posted it there, I did it as a member’s only post so it was only going to the Real Estate community because I thought they were the ones most affected by this affront to reputable appraisers and loan officers around the country. Read More

Believe it or not, a first time home buyer is not necessarily someone that has not owned a home previously. A first-time homebuyer is any person who has not owned a home in the previous three years. So even if you have owned a home in the past but have not owned a home in the last three years you qualify as a first-time homebuyer. Just so you know, this is 36 months at closing, not 35 and a half. So you could qualify for the $8,000 tax credit if you purchase a home before December 1, 2009 and haven’t owned a home in three years. Read More

This video about home buying and waiting has always spoken to me saying that no matter what is happening on Main Street or Wall Street, as a qualified borrower, you are in a position of strength. This is true regardless of the market, real estate, auto, boat or furniture. Determining your buyer strength is the question and I want to explore that. Read More