New Good Faith Estimate

Effective January 1st the new Good Faith Estimate becomes required.  The new form is suppose to make it easier for the consumer to shop and compare lenders and the costs for a mortgage loan.  Notice I said “suppose” to.  Many in the industry are still very confused over the form as well, so don’t be upset if you don’t feel comfortable seeing the new form. 

There are many things about the new form that have us all shaking our heads. For example, there is no place to show the consumer their total house payment or how much they need to close .  These are two numbers that are important in the home loan process.  This new form can not be written on or even signed by the borrower either.

The new settlement booklet is finally out, please see the link below to access the booklet that will explain the new form.  I would be interested to hear your thoughts on the booklet and new form.  Does it make it easier or more confusing to obtain a mortgage loan? 

HUD released their settlement cost brochure today!! Here you go… http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20December%2015%20REVISED.pdf

Season’s Greetings

Hello and Season’s Greetings to You and Your Families!!

 Thank You for all your support and referrals this past year.  This year has been constantly changing for the mortgage industry. New appraisal requirements, less loan programs, higher credit scores, and new timelines to follow, just to name a few of the changes that are challenging our industry on a daily basis. But even with all the ups and downs, I know that I am truly blessed to be in a position to help each of you.  I want to extend to you and your families a blessed Christmas and New Year.

Happy Holidays,

Karen

Tax Credit Extended!!!!

Breaking News: President Signs Tax Credit Extension & Expansion

 President Obama signed into law legislation that extends and expands the first-time homebuyer tax credit this morning. This enacts the legislation into law making the extension and expansion effective immediately after today. To learn more about the jobless benefit extension and the extension of the homebuyer tax credit visit: Obama signs jobless benefit extension.

 Who Qualifies for the Extended Credit? 

 First-time homebuyers who purchase after today and before April 30, 2010, are eligible for the extended tax credit.

• Current homeowners purchasing a new principal residence after today and before April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
• So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

This is great news for ALL homebuyers!!  Call today with any questions you have. 503 585 1105 or email karen@landmarkmortgage.com

 

 

 

 

 

 

 

 

More Tax Credit News

GREAT NEWS!!

 The Senate just voted 98-0 to pass the Tax Credit [within the Unemployment Bill].  

It now goes to the House.  Expect Democratic leadership to place the bill on a fast track for passage on Thursday.

It could get to the President as early as Friday.

Update on Tax Credit Extension

October 30, 2009

The $8,000 first-time homebuyer tax credit is set to be extended until April 30, 2010. The Obama Administration has urged Congress to pass legislation to extend the program from its original December 1, 2009 deadline. In addition, legislation may provide a tax credit for some current homeowners. NAMB will continue to monitor legislation and will inform members when the extension is formally enacted.

Not Formalized yet, but it is being pushed for. Stay Tuned!!

 

Your Mortgage Lender for Life!

I realize you have a choice in choosing your Mortgage Lender. I would be honored if you chose me and Landmark Mortgage. Being your Lender for Life is not only my business philosophy but a life long commitment to providing you with the personalized service beyond your expectations. It is also my philosophy to listen, hear, and truly understand your needs. This quality of business conduct seems to have been forgotten in today’s highly automated society.

As your Lender for Life, it is my job to not only understand your needs, but to respond to them promptly, professionally and with integrity. It is my pledge to provide you with sound financial advice, helping you to understand the strategies of decision making, and to the future implications of the decisions you make.

As your Lender for Life, I feel it is necessary to provide all of my clients with a relationship they have grown to trust. I strive to provide value and service after the transaction so that the changing needs of each of my clients are addressed on a continuous basis.

Karen@landmarkmortgage.com, 503 585 1105

Extension of the 8000 Tax Credit?

The question on all of our minds is whether or not Congress will extend the 8000 Tax Credit for First Time Homebuyers that is set to expire on December 1, 2009. 

 The House has passed a potential extension for Veterans but this still needs to pass the Senate.  We are all anxiously awaiting any news. 

 I believe we won’t know for certain of the passage of any extension until the last possible moment. Congress doesn’t want to halt the homebuying surge that has occured they need it to stay brisk and hopefully continue.  The way to do that is to keep everyone on their toes that this is expiring and we need to get as many purchases done now.

Credit Score Changes

Credit scores have become an even more important factor in the home-buying or refinancing sector than ever before.  Today’s borrowers must have a minimum of a 620 middle credit score, for each borrower, to obtain financing.  Conventional financing (Fannie/Freddie) have just adopted this standard as well.  

 Rumor has it that this may jump to 640 soon for all FHA, VA and Conventional financing.  Some lenders and investors have already passed this on as an “overlay”.  This means that while the specific program doesn’t have that requirement the investors-the ones with the money- are making this a requirement to loan.

 To obtain the very best interest rates for a conventional loan, your middle credit score must be 740. If you are applying jointly for credit then both borrowers’ middle scores must meet this requirement.

 Keeping your credit on time is, now, more important than ever.  We are getting close to the Christmas holiday, remember that credit card balances over 30% of your limit will also negatively hurt your credit scores as well or having too much credit.  Don’t be tempted to open all the store accounts just to save 10-15% on purchases. This can be dangerous. New credit, inquiries, and too much credit can also negatively affect your credit scores. 

 If you are planning on home financing anytime soon, keep your holiday purchases in check. Try paying cash for gifts, staying with a budget or better yet, what about home made Christmas gifts?   My parents still have some of my old homemade gifts and they treasure those more than anything we ever bought for them!  Remember, it’s the thought and the spirit in which a gift is given not the expense of it that makes gift giving special!

Hello

September 25, 2009

Greetings! I hope this finds you all happy, healthy and ready for Fall. Kids are back to school, Football season has started and we live in Oregon, the best State in the Country!

As I am sure you know, the mortgage industry is still evolving and changes are occurring at a rapid speed. Some of the more noticeable changes are with the appraisal ordering process, timeline restrictions, programs that have changed or been eliminated and lenders that have disappeared. If you have any questions I am happy to answer them for you, just give me a call or an email.

The BIG push this Fall is the $8000 tax credit for first time home buyers. To qualify for the first time homebuyer credit, borrowers can not have owned a home in the last 3 years and they have to purchase a new home before November 30, 2009. If you have someone you know…family, friends or co-workers, please have them call me and we can get this done before the tax credit expires.

Rates are still at historic lows and some experts believe we may even see a return of rates under 5% in September!

Please call or email me if you have any questions or if you just want to chat!

karen@landmarkmortgage.com  or 503 585 1105 !

First Time Homebuyers

I thought  I would share with you an advertisement that I have done in connection with the Statesman Journal for renters. The above shows a guide for first time homebuyers.  This went to all renters in Salem.   Below, I have included the actual document that you may read in a clearer format.  If you have any questions, please don’t hesitate to call or email me at 503 585 1105 or karen@landmarkmortgage.com.