Eugene Loan Guy

Archive for January, 2010

This actually could be a very interesting question when you consider the different variety of ARM loans out there. If you have a sub-prime or alternative documentation loan, it may definitely be time to refinance that loan because of the terms that you have. However, if you have a conventional (conforming) ARM, it may not be the time to refinance. But who do you ask this question of in the Eugene/Springfield Oregon area? Hopefully someone you trust to give you a straight answer and knows what he is talking about. Read More

The headline says it all. Short term interest rates that banks pay each other will stay the same. Prime rate will stay the same. Mortgage interest rates will undoubtedly go up at least by the end of March. An interest rate spike could make the fragile Oregon housing market continue to struggle to recover. The Eugene and Springfield areas could just be getting shoring up and drop down again. Read More

What is going to happen with mortgage interest rates in Eugene/Springfield? Right now the bond market is being partially supported by purchases of mortgage bond by the Federal Reserve. They have purchased about $1Trillion in mortgage backed securities so far and plan on buying almost $200 billion more between now and the end of March when they are supposed to stop buying. What will happen when the Fed is no longer buying Bonds when you are trying to buy a home in Lane County or anywhere in Oregon? Good question that I think will be answered with higher mortgage interest rates for Cottage Grove, Creswell, Veneta, Junction City, Oakridge and Florence. Read More

The 2010 Good Faith Estimate (GFE) is drawing fire from the financial industry and interestingly enough, it is also the basis of HUD going after some lenders for not following the new rules. According to a recent column by Kenneth Harney, Washington Post, this is happening because lenders are sidestepping the new rules by not issuing a Good Faith Estimate and instead using “worksheets” and “loan scenario” forms according to Mr. Harney. Read More

I have started branding my blog posts with all of my identity information in the last paragraph, including name, phone number, e-mail, business and address because I am finding more and more of my blog posts showing up in “no host” sites as belonging to them. They are taking my blog posts in their entirety and re-blogging them without credit to the original author. That is stealing and it is a violation of copy write laws but how to enforce them. Read More

As I have said before, I don’t normally quote mortgage rates for a number of reasons, but I am going to make an exception again today. Today’s 30 year fixed rate for a conventional loan for the Eugene/Springfield, Lane County Oregon market is at 4.875%/5.041% APR*. The reason I am doing this is because I think this rate will be going up shortly. How soon is a really good guess, but undoubtedly by the end of March, but I expect it to happen much sooner. Read More