Eugene Loan Guy

Archive for the ‘Adjustable Rate Mortgage’ Category

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

Interestingly, the Good Faith Estimate, a backbone of the mortgage industry, will be changing on January 1, 2010 with some very major changes, designed to help consumers compare loans from one lender to another. Very major changes but unfortunately, we still don’t know what all of them are or how they are being interpreted because HUD hasn’t released the final information yet. This is something that will have a direct bearing on your Real Estate transactions in the Eugene/Springfield area and is supposed to make shopping for a mortgage easier, but will it? Read More

Those of you that have read my posts know that I have had a pretty major change in my Family Living Dynamics when my son and his family moved in with me. Without going into a lot of detail, this change, I believe, may be taking place more and more across the United States as more families reach out to help each other. We could be undergoing a major cultural change because of this. Family Living Dynamics could be the next major paradigm shift in the way we do business in the Real Estate industry. This shift is one that I haven’t seen addressed by others, although I may have missed it. Read More

Your Mortgage Advisor (or loan officer, or mortgage planner, or loan consultant, etc.) will be your guidepost in what you can and may pay for a home. The mortgage advisor will determine the kind of program that you qualify for to become an Oregon First Time Home Buyer, so it is important you chose your mortgage advisor carefully.As a mortgage advisor, I will weight your specific circumstances (income, credit, and down payment) with your needs and desires and recommend the best loan package for you. There are many steps in a successful loan application and it starts with the application and interview. For instance, just because you might qualify for a $300,000 house, it doesn’t mean that you will be happy with the payment on this much home. That is where getting to know you and what you are trying to accomplish is so important in the process. The process ends when the loan is funded, but the relationship doesn’t end there as I keep in touch with you over the years to make sure you are still in the best product available. Read More

In the government’s never ending quest to make consumers safe from “unscrupulous” lenders, the latest activity has to do with new Truth-In-Lending (TIL) requirements, known as Reg Z. Surprisingly, this one appears to be something that will actually help consumers, unlike the recently enacted HVCC (Home Value Code of Conduct). Consumers getting a mortgage loan should not be surprised at closing with additional costs and/or interest rate changes because of the new requirements of the Mortgage Disclosure Improvement Act (MDIA). Read More

I started in the finance industry in a finance company that soon became TransAmerica Finance and progressed to manager with the company. I then started an independent finance company in LaGrande Oregon that was owned by a savings and loan in the 80s. Those that remember the 80s know that almost all of the savings and loans were taken over a lot like the banks are being taken over today. This, in a round about way, is how I came back to the Willamette Valley and into the mortgage business in Eugene/Springfield. Read More