Archive for the Getting a Mortgage Category

Smoke Alarms, CO Detectors and Woodstoves, OH MY!

March27
"Lions and Tigers and Bears - OH MY!" from The Wizard of Oz You are probably aware that the state of Oregon has certain requirements prior to passing property.  These regulations now include smoke alarms, CO detectors and wood stoves!!  If you've been in your home awhile, it might be a good idea to check the status of all these whether you are planning on selling or not, for your own safety!!  Not only does the state require this as part of the sales process, but now underwriters for the loan in process will require proof that these items meet current requirements.  (I've even had app… Read More

Property Inspection Addendums: “Do’s & Don’ts”

March25
Relax Don't Do It - Frankie Goes to Hollywood Some good ideas when composing your property inspection addendum.  This list is taken from Rodd Miller of Pacific Residential Mortgage, who can be reached at rodd.miller@pacresmortgage.com if you have other questions.  Basically, as a buyer you want to get the home you are attempting to purchase with as many items of concern addressed or negotiated prior to close of escrow without getting the lender involved in the process.  Why wouldn't you want the lender involved?  You do not want underwriting concerns generated by the lending instituti… Read More

Bi-Weekly Mortgages vs “Over-Paying” Your Mortgage!

March11
"I Dreamed a Dream" - Susan Boyle You may have received offers in the mail from various lending institutions regarding setting up a bi-weekly mortgage payment, thus, paying down your mortgage at a faster rate.  Of course, any way you can contrive to pay less interest and/or pay off your mortgage loan more quickly can be a good thing (but, not always, there are a lot of factors)(I believe it's a good financial move IF it's your primary residence; investment properties give a better ROI/return on investment by using OPM/other people's money)!!  Lending institutions will generally charg… Read More

Updated Waiting Periods for Obtaining New Financing After Short-Sale or Bankruptcy!!

March6
Tony! Toni! Toné! - Feels Good   CONVENTIONAL LOANS | DETERMINED BY CREDIT REPORT DEROGATORY ITEM WAITING PERIODS Foreclosure Home was given back to the bank - No owner participation. • 7 years from date foreclosure completed and transferred back to bank. Short Sale Deed in Lieu of Foreclosure Short Sale: Home sold but sales price didn’t cover amount owed. Deed in Lieu: Home returned to lender in exchange for canceling loan. • 7 years from date sale closed an… Read More