Fred Chamberlin

MLO 271072 OR & WA

Retired Mortgage Advisor

Oak Harbor WA 98277

541-221-3455 cell

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Archive for the ‘Home Buying Process’ Category

CFPB releases draft proposals for TILA and RESPA form

My industry, mortgage lending, has been in a state of turmoil for way too long. We has seen changes in underwriting, disclosures, rates, mortgage insurance rates, pay systems and now new disclosures, again.signature thumb CFPB releases draft proposals for TILA and RESPA form

The Consumer Financial Protection Bureau (CFPB) was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act — attempts to address both issues by transferring oversight of both TILA and RESPA to the CFPB in July, and mandating that the bureau issue a proposal for a unified federal mortgage disclosure form within 18 months.

TILA is the Truth in Lending Act (originally called the simplification of interest act – what a misnomer that was) and RESPA is the Real Estate Settlement Protection Act, both designed to protect consumers while making real estate transactions easier to understand, which so far hasn’t seemed to happen. These are currently accomplished with the Truth-in-Lending form and the Good Faith Estimate form.

The CFPB has released draft proposals for a simplified mortgage disclosure form that will replace the separate forms borrowers are currently provided to satisfy the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Personally, I am not a fan of either of them, I still think they are a bit vague and hard to understand, whereas the GFE (good faith estimate) we had until recently was easier, in my opinion.

However, the CFPB is looking for feedback on the new forms and it would be great for anyone that has purchased a home or plans on doing so in the future, take a look at them and give their input into the process. Here is the link again.

I have always felt that a good loan officer is the best way to understand the process. Just telling someone what the APR is will give them information, but explaining how it is derived gives knowledge. No amount of government forms will ever take the place of a knowledgeable mortgage consultant.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

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Are you a Eugene/Springfield housing optimist or pessimist?

Housing in Eugene/Springfield fell off the highs of 2010 during the first quarter of 2011. And the Register Guard finds this as reason for gloom in the local real estate market.

I like the story of the two boys, one an optimist and the other a pessimist. They were both shown rooms full of horse manure. The pessimist said, “Oh no! Horse manure. The optimist started digging knowing there was a pony in there somewhere.

I think it is time we started digging. There is a pony in there and it is up to us to find it.pony thumb Are you a Eugene/Springfield housing optimist or pessimist?

Let’s look at a few facts and observations that the Register Guard didn’t cover in their article here. Although unemployment is high, it is in the process of going down. Although there are a lot of people out of work, there are a lot more working than not working.

If you sell you house for less than you paid for it, you could take a loss but if you are interested in moving up to a larger or better home, there has not been a better time to do it.

Yes, rates have started up, but overall they are still below 5%, a historically low number. Yes, homes mostly have to have a down payment, but many people can get enough from their tax returns for the minimum down payment that FHA requires. Additionally, USDA offers no down payment loans in outlying cities like Cottage Grove, Veneta, Creswell and Junction City that many people qualify for.

Additionally, many of our citizen soldiers can qualify for a VA loan after spending time in a war zone. Students can purchase homes using their parents as cosigners in many instances.

Prices are low yes, but that is good and bad, not just bad. Banks have inventory of homes for sale so exceptional deals can be made. Special programs, like the FHA 203k Streamline are available to make the home that is in need of TLC, your home!

It really is time to shout it from the rooftops that it is an ideal time to buy a home.  I don’t sell homes, I leave that to the wonderful Realtors® that I work with, however, I do help people purchase them. Even if you don’t qualify today, it might be time to find out and get on track for the future.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

button1 Are you a Eugene/Springfield housing optimist or pessimist?

Buy your new home in Eugene/Springfield NOW!

Still wondering if now is the time to buy a new home in Eugene/Springfield? Not sure if the price is low enough or interest rate is low enough? Still sitting on the fence?

I have been promoting now as the time to buy for some time, but now I have some numbers from the Department of Housing and Urban Development that may even help explain it better.

This chart shows the Affordability Index for home purchases going steadily up since July 2007 (the dark line) and the mortgage rates going mostly down since July 08 to where they actually crossed.

affordabilityindex thumb Buy your new home in Eugene/Springfield NOW!

Of course one of the things that everyone wants to know, is will this continue and being on the lending side of it, I can affirm that the probability of rates taking another dive are pretty slim. We are seeing pretty consistent uptick in rates day after day.

On the housing price side, take a look at this chart with extrapolations from Case-Shiller, one of the most trusted sources for housing trends:

HomePriceForecast thumb Buy your new home in Eugene/Springfield NOW!

As you can see, they believe we have bottomed out and home prices will gradually increase over the next few years. Also of note, is that the bottom expected did not come as bad as they thought it would be. Of course, there will still be some ups and downs, but it is worthy of consideration.

It just makes sense that if you can buy a home for the same or less than you are paying in rent, you should consider it. Buying is not right for everyone and as many found out, it is not the source of quick riches. You should buy a personal residence because that is where you want to live.

I work with a number of exceptional Realtors® that would be happy to show you homes that are right for you, but you should find out if you qualify and for how much first. That is why you should contact me today.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

button1 Buy your new home in Eugene/Springfield NOW!

NAR Home Ownership Matters tour comes to Oregon

NAR Home Ownership Matters bus tour is making the rounds of many of the major markets around the country bringing the word that participating in the American Dream is not dead and still alive and kicking. They will be ending the tour tomorrow and Saturday in Portland Oregon.

They left Idaho yesterday for an appearance at a REALTOR® Town Hall tomorrow that is only for REALTORS® and they must be registered to attend. Sunday, the bus tour will make their final stop at Portland’s Better Living Home, Garden & Lifestyle Show. The show is at the Portland Expo Center, 2060 N Marine Dr., and runs from 11 a.m. to 2 p.m.

The NAR is devoted bringing the facts about home ownership to the people of the United States. This bus tour is just another way for them to do that. Take a few minutes and review the following video from NAR President Ron Phipps:

If you are interested in learning more about buying a home give me a call. With me on your side financial hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

button1 NAR Home Ownership Matters tour comes to Oregon

Expert predicts interest rate uptick 2011

On Maryland’s WMAR ABC television Monday Mortgage, today’s issues of raising interest rates, demise of Fannie and Freddie, increased down payment requirement and changes in compensation rules, are discussed and how it can change buying power.

Didn’t we know this was coming? Yes we did…..18 months from now it is going to very difficult to get a home….this next six months we will see a lot of change.

This video says a lot of the same things that I have been saying that if you are on the fence and are waiting to buy a home, you should take a close look at today’s marketplace. Things are changing rapidly.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurtles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

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FHA is not limited to first time homebuyers

Contrary to popular opinion, you don’t have to be a first time homebuyer in Eugene/Springfield to purchase a home using FHA insured financing. As a matter of fact, it is possible to have two FHA insured loans at the same time.

With the start of tax season, a lot of people could actually come up with the 3.5% down payment required for an FHA loan using their tax returns and end up paying less per month for their home than they would for rent. The only way to find out if you qualify is to call me and discuss your options. Here are some examples of properties in the Eugene/Springfield area you can buy for less than it takes to rent:

How about a two bedroom, 1 1/2 bath 1080 square foot home in Eugene for only $97,500. That means you can get this home with only $3,412.50 down and a payment of about $727 per month, including taxes, insurance and mortgage insurance. Take a look and imagine what it would look like with your touches:

1240Ellsworth thumb FHA is not limited to first time homebuyers

 This one is bank owned and you can give Lannie McClure, Re/Max Integrity, a call at 541-868-3742 a call to see it. Or drop them  an email at angelaarmstrong@remax.net.

Need more bedrooms? Try this three bed, two bath home listed with Phillis Bishop, All State Real Estate, 541-729-1011 or e-mail at phylbishop@nu-world.com. At a list pirce of only $89,900, down payment would be $3,146.50 and the payment would come in just below $700 per month.

2065GSt thumb FHA is not limited to first time homebuyers

 

This is a short sale, so expect extra time to get it done.

Another short sale is this three bedroom two bath home in Eugene with Ron Blacquiere, Equinox Real Estate, 541-520-5990 or ron@equinoxrealestate.com. Listed at $129,900, you could get this home with only $4,546.60 down and a payment of about $980 a month.

4411MarcumLn thumb FHA is not limited to first time homebuyers

There are a lot of deals out there for someone looking to move out of an apartment or duplex and into their own home. Maybe it is time you thought about making the plunge. Feel free to contact any of the Realtors® listed here or call me for a recommendation. 

(fine print) I don’t have any information about these home other that what I got from RMLS.com. I make no representation as to the condition of the homes nor is this an approval of credit.  The FHA loans were calculated at a 5% interest rate, APR 6.289%. . Credit score, loan amount and down payment affect interest rate and APR.

Contact me

Navigating the mortgage approval process can be daunting. You need someone on your side. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

button1 FHA is not limited to first time homebuyers

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