Fred Chamberlin

MLO 271072 OR & WA

Retired Mortgage Advisor

Oak Harbor WA 98277

541-221-3455 cell

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You got to be tough to wear a Mohawk

Especially if you are a poodle.

My son took my dogs to the groomer this week, and my poodle came back with a Mohawk. I guess I should be happy that they didn’t have any dye, or she would have come back with a purple Mohawk. Well, I get the last laugh, his Great Dane is afraid of my French Poodle.

mohawkpoodle thumb You got to be tough to wear a Mohawk Be sure and call me when you need a loan, I promise not to cut too close around the ears. You can reach me (Fred Chamberlin) at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, or at 541-342-7576/541-221-3455, or by e-mail. I am your local connection for great real estate mortgage loans.

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Home Buyer Tax Credit update

As is often the case, misinformation can make a wave when it shouldn’t be a ripple. I heard two people discussing today the ending the the Home Buyer Tax Credit. They were saying that it ended March 31, which is wrong. The Eugene/Springfield, Lane County, Oregon real estate market has been benefited by the extension of the First Time Home Buyer Tax Credit and expansion to the “move-up” home buyers. Those tax credits are available to qualified buyers on accepted offers until April 30 on purchases that close on or before June 30, 2010.

Don’t lose out on the Tax Credit. It is up to $8,000 for First Time Home Buyers and up to $6,500 for “move up” buyers.

To find out if you qualify for either of these programs,  give me (Fred Chamberlin) a call at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am your local lender. Call today.

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To Issue or not To Issue a GFE??

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.

Loan officers defend the worksheets — which they get blank from several national software suppliers — as necessary adaptations to HUD’s get-tough regulations. They argue that HUD is forcing them to provide hard and fast estimates on services or charges that they cannot always lay down with accuracy — especially those involving title and settlement services. according to the article.

GFE

In many cases this is absolutely true, but in other cases, I think the people are reaching for reasons not to use the new GFE. Honestly, when someone is shopping for a loan and hasn’t found a property yet, it is impossible to fill out all of the required information on a GFE but the potential buyer still wants an idea of what the costs are going to be. In a case like this, a worksheet is much more usable to the buyer than a Good Faith Estimate would be anyway. The GFE doesn’t include the total payment nor does it include the amount needed to bring in for closing. Those are included on the new GFE and since the GFE cannot be changed in any way, you can’t add them.

“We can’t be 100 percent certain on every cost that HUD is asking us to be certain about,” said Steve Stamets, a loan officer for Union Mortgage Group in Rockville. “So when there is no full application, or you’ve got people just shopping around, we can help them” with the worksheet estimate,” continued the column.

When loan officers say they can’t quote properly the title insurance and/or escrow fees on the Good Faith Estimate, I think they are not dealing with the same quality of title companies that we are. Once the property is located and the offer accepted, we can quote everything accurately on the Good Faith Estimate. It is prior to that when we really have need of worksheets, because much of the GFE is written in stone, that makes it hard to deal with the GFE when working with a fluid transaction.

If you have questions about what the new Good Faith Estimate does for you as a buyer or want to find out what it is going to cost you to buy a new home, call me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or e-mail me. I will issue a GFE when it is required and give you the other information you will need so that the full payment can be considered. You will not be surprised at closing when you work with me unless the fees are lower than expected. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. We service all of Oregon, Washington and California, but specialize in the Eugene and Springfield area. Conveniently located so our neighbors in Cottage Grove, Creswell, Veneta, Junction City, Oakridge, Harrisburg, and Florence can see us in person if they like.

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Scammers love economic hard times

I was reminded of the number of scammers out there yesterday when my cell phone rang and an automated voice told me that I was eligible for a lower interest rate on my credit card(s), all I had to do was press 9 and someone would help me. Now how do I know this was a scam? Well, I pressed 9 and after hearing the spiel from the guy on the other end, I asked if he was affiliated with my current credit company. His answer? Dead air until he hung up without a response.

According to a local news report, this is number 3 on the list of popular scams going on right now. Number 2 is really one to watch out for, foreclosure scams. Check out this report from KEZI.  Be sure you know who you are dealing with before you give them money.

nedco 01 Scammers love economic hard times The foreclosure scam is so nefarious because the scammers can end up with you home and you have nothing that you can do about it. They often pray on those with limited choices.  Make sure you get good advice before you let someone take over for you on your home dealings. Most lenders are willing to work with you if you have troubles. Use a reputable company to do your dealings if you don’t feel that you are able to do it. Check out non profits like NEDCO before you sign up with someone. If you need recommendations, give me a call or e-mail me. I will always be happy to see you work with someone that has your best interests in mind. Call or come by Alpine Mortgage Planning, 1200 Executive Parkway, Ste. 100, Eugene OR 97401. I don’t do loan modifications but can help you find the right people to work with.

 

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Good Faith Estimate on January 1, 2010

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?

question2 thumb Good Faith Estimate on January 1, 2010The new Good Faith Estimate (GFE) is nearly written in stone. There are many parts of it that cannot be changed once given to a consumer unless there are “Changed Circumstance.” These include, Act of God, war, disaster or other emergency, inaccurate information provided by the borrower, changed information such as loan amount or property value and interest rate change due to rate lock.

What this means is that you won’t be able to get GFEs from several different lenders to compare when first shopping for a loan, because they won’t give them out without a full application and property. So, where is the shopping here. Also, you have 10 days to “shop” after getting a GFE and if you are doing that, the lender will not be proceeding with the loan during that period since they won’t have a commitment from the borrower, thereby delaying the process. Where does that help anyone?

Also, if a GFE does change during the process, it triggers another 10 day shopping period. Also, when I give out a GFE, I have to tell you how long the interest rate is good for. Some days, that may be only 10 minutes as rates are fluid and volatile. So, overall, this could be an interesting time with the changes that have taken place and the ones that will take place. Not everyone feels the same way about the new form. Here is a video from Title Guarantee in Hawaii that has some very valid points:

Whatever is happening in the market, you can be certain that I will be on top of it. I am constantly reading, researching and checking out the new things I need to know. If you have any questions about the mortgage changes or to start your application process, give me a call at 541-342-7576/541-221-3455 cell or e-mail me. You can also come to the office, Alpine Mortgage Planning, 1200 Executive Pkwy., Ste 100, Eugene OR. The coffee is always on. In today’s changing environment, you need a professional to help you navigate those changes. Call me.

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NEDCO celebrates 30 years in January

NEDCO, the Neighborhood Economic Development Corporation, serving Lane and Marion Counties in Oregon will be celebrating 30 years of “innovative community economic development, neighborhood revitalization, and successful homeownership programs” in their new Springfield location in January, according to their most recent NEDCO NEWS.

nedco 01 thumb NEDCO celebrates 30 years in JanuaryNEDCO is the presenter of the ABCs of Homeownership, a pre-requisite for both the Eugene HAP and Springfield SHOP homebuyer assistance programs. They also offer the “Threshhold” program to help potential homebuyers get their finances in order to be able to get into the housing market. Additionally NEDCO is one of the sponsoring agencies of the VIDA (Valley Independent Development Account) which can be used for the purchase of a home or to start a business. The program allows for a 3:1 match to savings.

According to the newsletter, over 60 families are currently enrolled in the VIDA program, with excellent results. I recently closed a loan where part of the down payment came from a VIDA account. Without that money, they would not have been able to purchase their new home that quickly. Now, NEDCO is asking for donations to the program.

The donations can be made through Neighborhood Partnerships and be a 75% tax credit. To find out more about the donations and how it can be like paying only $25 when donating $100, check out this link. NEDCO does some excellent work in our area and it would be great for the Eugene/Springfield area to help them in this work.

If you need any assistance with any loan programs or would like to know how the NEDCO programs can help you in becoming a home buyer, call me today at 541-342-7576/541-221-3455 cell or e-mail me. The NEDCO office in Springfield is located at 212 Main St. and the one in Salem is located at 868 Commercial St., SE.

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