Article Archives for Beaverton, Oregon VA Home Loan Team - Since 1999 &nbsp;&nbsp;&nbsp;&nbsp; (Page 2)

360.571.LOAN (5626)

U.S. Coast Guard Sector Columbia River Loacated on Swan Island

March 23rd, 2011

We had an information meeting today with the U.S. Coast Guard Sector Columbia River, District 13, located on Swan Island. We had a meet and greet with about 15 Coast Guard members. We went over the advantages and benefits of using your VA loan. Mike Frakes and myself spent time discussing the mortgage loan aspects, and Stephen Granmo talked about the real estate side. Sean Mele from First American Title discussed title aspect of the loan process. It was very educational and a great time spend with the Coast Guard Sector Columbia River. We look forward to future opportunities to continue to educate any members of Coast Guard, Navy, or Marines from these units on the benefits of using their VA 100% financing in the Portland area.

Kerry N. Greenwald

NMLS # 70269

Sr. VA Loan Specialist

360.571.LOAN (5626)

April 1st 2011 Industry Changes

March 13th, 2011

The Changes in the mortgage industry on April 1, 2011 are going to be overwhelming. It is going to be the good, the bad, and the ugly. But overall, I do see the positive aspects in the changes that will happen on that day. The biggest thing is that everyone is going to have to do it. Where rules and laws in the past have subjected only limited amounts of the industry, at least what can be seen so far of these changes should affect everyone in the industry.

There are aspects of the April 1 Frank Dodd Act that I feel will be good in the long run. A lot of people argue with the Safe Harbor Act portion, which states that it is our duty and our job to put the individual in the loan or the best option for them. There are a lot of people who say that hindsight is 20/20 when you look after the fact, for example, If certain individuals who took out a 7-year ARM and then decided to stay in the house longer than seven years, which they had not originally intended when they first moved, their situation appears worse than if they had sold as originally planned…or if they did a 30-year FHA loan when possibly they should have done a different type of loan to fit their needs.

In my industry, what I see in the bill is positive. Everyday I come across people who are Veterans, that in some cases have service-connected disability benefits, and they are pushed in or roped into a loan that does not fit their needs. From my perspective, that should never happen again. If you do have your VA eligibility, and in some cases have disability through the VA, there is no reason and hopefully no time in the future that anyone will ever do a non-VA loan for you. So some parts of the bill I can see as benefits.

Most of the changes, however, will be in accounting and pay structures. The intent of this bill was to have the consumer have less in cost, but I don’t think that will be successful. For example, right now, a year plus into the effects of the changes in RESPA that were instituted back in January 1, 2010, you can see that the individual borrower is actually paying more in cost than what they were prior to that event due to bank logistics and the individual companies involved that have to offset their expense to facilitate the law. I feel the same thing is going to happen on April 1. While the intent of the law is to lower the cost to the consumer and enable them to make more free choices, actually, in the end, it’s going to make it more expensive for them because businesses pass that expense on to the consumer. That is the one negative that will come out of this bill. Overcharging is still going to exist. It is not going to go away. It is going to be a shell game on how banks or how brokerages or how mortgage bankers will pay the individual loan officers. That’s just my opinion on what the law is going to effect, and I look forward to that date to find out exactly what is going to happen.

Kerry N. Greenwald

NMLS # 70269

Sr. VA Loan Specialist

Creekside Mortgage Inc.

360.571.LOAN (5626)

www.VALoanWA.com

www.OregonVALoan.com

Homebuyers Tax Credit Extended Oregonian Article

March 1st, 2011

An article yesterday in the Oregonian had some great quotes by Steve Granmo saying that VA is one of the last loans out there offering 100% financing. The Oregonian did a great job in putting everything together and discussing this tax credit for Portland homebuyers and any Oregon state Veterans.

360-571-LOAN (5626) / 530-445-1038

Interest Rates Improving

February 23rd, 2011

What an overall crazy week it has been in the markets, but the good news is that rates have actually been improving; sticking with the theory that bad news is good news for interest rates. The issues going on in the Middle East, oil prices drastically increasing, and the stock market on decline have contributed to improvements in rates over the last week. This will most likely continue over the coming months. No one sees any light at the end of the tunnel and oil prices will probably continue to increase through the busy fuel months into the summer.

Kerry N. Greenwald

Sr. VA Loan Specialist

Creekside Mortgage Inc.

360.571.LOAN (5626)/503.445.1038

www.VALoanWA.com

www.OregonVALoan.com

Tax Credit Extension Coming to a Close

February 14th, 2011

Were you a Guard or other U.S. military member serving on qualified official extended business outside the United States for at least 90 days during the period between December 31, 2008 and May 1, 2010? If so, you may be eligible to receive the $8,000 tax credit offered for first-time homebuyers as long as you purchase, or enter a contract to purchase, a home before April 30, 2011, and close on the home before June 30, 2011.

The definition used for “first-time homebuyer” in this case is someone who has not owned property in the last three years. So, even if you’ve had a home in the past, you could be eligible as a first-time homebuyer if you fit within these guidelines. Additionally, you must be purchasing a primary residence. There is a $6,500 credit available to long-time homeowners buying a replacement principal residence as well. Please see the IRS website for additional qualifying guidelines.

This gives service members who may not have been in the country at the time the full opportunity that their fellow citizens had to take advantage of this government incentive.

Often, people find that they can purchase a home for not much of a difference than what they pay in rent every month. With VA, you can get into a home with $0 out-of-pocket cost, since it is one of the few loans that will finance 100% of the appraised value of the home.

Here at Creekside Mortgage, we have helped a number of Veterans purchase homes and receive this tax credit. Combined with historically low property values and great interest rates on VA loans, you can hardly turn this down! Give us a call with your questions.

360-571-LOAN (5626) / 530-445-1038

Northwest 2011 Outlook

January 3rd, 2011

Going into 2011, I would like to take a snapshot of the real estate market in the Pacific Northwest. We were one of the last in the country to start showing a decline in home values, and we will probably be one of the last to come out of this decline. It looks like nationally, we have hit bottom. Some estimates were that in 2009 and 2010 we would fall back to 2000 numbers. We are now getting close to those figures. 2011 will most likely be the end of the decline. We probably won’t necessarily go up in value anywhere in the near future. As soon as unemployment corrects itself and the economy starts to move somewhat, I feel housing prices will rise after that. My estimate is that we’re in a seven year cycle and we’re about four years into it. We probably have three years before things start to take off again, with a lot depending on how inflation will affect the housing market due to the bubble popping. Will inflation push prices up? No one really knows. There is no time in history that we can reflect on as an example or parallel to what we just went through, so it is tough to say. In my opinion, in the NW, home price recovery will primarily be driven off a correction in the unemployment rate. When we see unemployment the 6% or 7% ranges, I think the housing market will soon follow those numbers.

Sr. VA Loan Specialist

360-571-LOAN (5626) / 503.445.1038

Portland Oregon Area Real Estate Agent

December 7th, 2010

Steve Granmo, a VA real estate broker serving the Portland Metro area, licensed in Washington and Oregon, is a Principal Broker at Hasson Company Realtors. Steve has now been doing VA real estate for the last nine years. He is prior service with the U.S. Coast Guard. Steve’s office is located at 12809 SE 93^rd Ave., Clackamas, OR 97015. Steve’s email address is Steve@Granmo.com. His website is StephenGranmo@Hasson.com . The best means of contacting him is his cell phone, which is 503-789-8341. He welcomes evening and weekend calls.

Sr. VA Loan Specialist

360.571.LOAN (5626)/503.445.1038

Portland Oregon Escrow Agent

November 15th, 2010

Julie Sandlin, Escrow Officer at First American Title Insurance Company of Oregon, located at 10260 SW Greenburg Rd., Ste 170, Portland, OR, is a pleasure to work with. Her phone is 503-244-8323. You can email her at JSandlin@FirstAm.com; her website is www.FirstAMPDX.com. Julie Sandlin has been working with us now for four years. We started working with her doing VA streamline refinances in the Portland Metro area and pretty much the whole state of Oregon. Julie is someone who always seems to work late and can get the job done, whatever it takes! We have been very impressed with her over the years, and are excited about how much we have been able to accomplish together.

Sr. VA Loan Specialist

509.493.4937/503.445.1038