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Is Getting a Home Mortgage Still Too Difficult?

by Mary Gilbert

Is Getting a Home Mortgage Still Too Difficult? | Keeping Current Matters

There is no doubt that mortgage credit availability is expanding, meaning it is easier to finance a home today than it was last year. However, the mortgage market is still much tighter than it was prior to the housing boom and bust experienced between 2003 - 2006.

The Housing Financing Policy Center at the Urban Institute just released data revealing two reasons for the current exceptionally high credit standards:

  1. Additional restrictions lenders put on borrowing because of concerns that they will be forced to repurchase failed loans from the government-sponsored enterprises or Federal Housing Administration (FHA).
  2. The concern about potential litigation for imperfect loans.

What has been the result of these concerns?

6.3 Million Less Mortgages

The Policy Center report went on to say:

“It was so hard to get a mortgage in 2015 that lenders failed to make about 1.1 million mortgages that they would have made if reasonable lending standards had been in place. From 2009 to 2014, lenders failed to make about 5.2 million mortgages thanks to overly tight credit. In total, lenders would have issued 6.3 million additional mortgages between 2009 and 2015 if lending standards had been more reasonable.”

In an interview with DSNews, Laurie Goodman and Alanna McCargo of the Policy Center further explained:

“Our Housing Credit Availability Index (HCAI)* measures the probability that mortgage borrowers will become delinquent on that mortgage for 90 or more days, which we refer to as the default risk. This measure indicates that the probability of default rose from 12 percent in 2001 to a peak of 16.5 percent at the end of 2005/beginning of 2006, before declining to the current level of 5 percent. Stated differently, lenders are currently taking less than half the credit risk they were taking in 2001, a period of reasonable credit standards.”

The cost to the economy if we’re writing fewer loans…

Goodman and McCargo put it best:

“…fewer households will become homeowners at exactly the point in the economic cycle when it is most advantageous to do so… [They] will continue to miss this wealth-building opportunity. The median family wealth for homeowners is $195,400, with their home the most valuable asset for most; the median family wealth for renters is $5,400… Fewer potential homebuyers means the housing market will continue to recover more slowly. At the same time, fewer buyers create a strain on other benefits to the economy which homebuying brings such as spending on home goods and an increase in construction jobs.”

Bottom Line

The housing market boom and bust caused many mortgage providers and lenders to tighten their lending standards in an effort not to repeat the recent past. This paired with many homebuyers disqualifying themselves before they even apply for a loan, due to the fear of rejection, has led to many households not yet becoming homeowners.

Looking to start the process of buying your new home? Visit RoseburgProperties.com, call 541.371.5500 or email [email protected] for more info!

 

Roseburg OR Real Estate For Sale
985 Forest Heights Street, Sutherlin, OR 97479


Be the first to live in this newly built one level home in Forest Heights. Spacious rooms, soaring high ceilings, gourmet kitchen, neutral colors, modern fixtures and lighting, utility room, plus 3 bedrooms and 2 full bathrooms highlight 985 Forest Heights St. Vaulted ceilings set the scene for easy entertaining in the great room. Granite countertops, gas appliances and tile floors creates the perfect space for meal prep and hosting guests. A soothing master suite sure to sweep you away features plush carpeting, walk in closet, second closet and private bathroom. Two generously sized secondary bedrooms provide ample space to grow. Enjoy the wonderful westerly views of the valley and city from your private rear patio. An attached oversized 2 car garage for all your tools and toys. A super buy for all the amenities this home offers! Make your appointment today to see brand new Sutherlin OR home!

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Eugene Springfield will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

Roseburg OR Real Estate For Sale
977 Forest Heights Street, Sutherlin, OR  97479

Act fast, this one level home in Forest Heights in nearing construction! Sprawling 1,433 sq ft featuring 3 bedrooms, 2 full baths, easy care flooring, modern fixtures and lighting, neutral colors, plus an attached, oversized 2 car garage with storage awaits one lucky buyer! The well appointed kitchen is sure to impress with tile floors, gas appliances, granite counters and an eating bar that opens to the spacious great room – perfect for family function. Relax at days end in the comfortable master suite with plush carpeting, walk in closet and spa bath. Two generously sized secondary bedrooms offer ample space and privacy for all. A great utility room to keep you organized with folding table stubbed for gas or electric dryer! Enjoy outdoor entertaining on the private patio at rear of the home with wonderful westerly views of the valley and city. Pack your bags and come on over, this fantastic Sutherlin OR home will not last!

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty
Umpqua Valley will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

 

November 20,2016 @5:30 p.m.
thru January 1, 2017 @9:00 p.m.

Come and enjoy the Festival of Lights where you will be able to see the World’s Largest Nutcracker on display, 90 different light displays, and the holiday village where you’ll be able to visit Santa and enjoy some warm hot chocolate.

The Festival of Lights will be at the River Forks Park from November 20th to January 1st. You’ll be able to see the lights Sunday through Thursday from 5:30-9 pm and Friday through Saturday 5:30-10 pm. The holiday village will be open Sunday through Thursday from 5:30-9 pm. The village host a model train set, holiday goodies and more.

For more information call (541) 637-5742

Details

Venue
River Forks Park
380 River Forks Park Road 
Roseburg, OR 97471 United States

Website: www.umpquavalleyfestivaloflights.com

Happy Thanksgiving!

by Mary Gilbert

“Gratitude is the inward feeling of kindness received. Thankfulness is the natural impulse to express that feeling. Thanksgiving is the following of that impulse.”
Henry Van Dyke

Did you know?:

-    The first Thanksgiving was held in the autumn of 1621 and included 50 Pilgrims and 90 Wampanoag Indians and lasted three days. Many historians believe that only five women were present at that first Thanksgiving, as many women settlers didn't survive that difficult first year in the U.S.

-    Thanksgiving didn't become a national holiday until over 200 years later! Sarah Josepha Hale, the woman who actually wrote the classic song “Mary Had a Little Lamb,” convinced President Lincoln in 1863 to make Thanksgiving a national holiday, after writing letters for 17 years campaigning for this to happen.

-    No turkey on the menu at the first Thanksgiving: Historians say that no turkey was served at the first Thanksgiving! What was on the menu? Deer or venison, ducks, geese, oysters, lobster, eel and fish. They probably ate pumpkins, but no pumpkin pies. They also didn't eat mashed potatoes or cranberry relish, but they probably ate cranberries. And no, Turduckens (a turkey stuffed with a duck stuffed with a chicken) were nowhere to be found during that first Thanksgiving.

-    Thanksgiving was almost a fast — not a feast! The early settlers gave thanks by praying and abstaining from food, which is what they planned on doing to celebrate their first harvest, that is, until the Wampanoag Indians joined them and (lucky for us!) turned their fast into a three-day feast!


As you gather with family and friends to celebrate Thanksgiving, take time to remember all that you have to be grateful for.  

Wishing you and yours a day filled with joy. 

 

 

Courtesy of your Roseburg OR Real Estate Expert Mary Gilbert

Roseburg OR Real Estate For Sale
351 Champagne Court, Roseburg, OR  97471


Elegant formal rooms plus comfortable everyday living awaits the lucky buyer of this spacious 4 bedroom, 3 bath split level home in desirable Melrose. Brand new 50 year roof, fresh paint inside and out, gleaming hardwood floors, wainscoting, bay window, crown molding, built ins, plus a two car carport are just a few of the many desirable features this move in ready home has to offer! Enticing great room perfect for entertaining guests features a brick fireplace and large window to enjoy the views. A romantic chandelier highlights the formal dining room to host the finest dinner parties. Cooking will be a delight in the sun filled kitchen with corian counters, an abundance of cabinetry, pantry and large eat in area with slider to the deck. Bonus living space in the lower level family room with office, and pellet stove. Double door entry welcomes you into the master suite with walk in closet and bath with walk in shower with tile surround. Three generously sized secondary bedrooms feature plush carpeting, closets and share a full bath with tub/shower combo. 2.45 acres with manicured grounds, extensive deck for outdoor entertaining, paver patio and gazebo with Fresh Rain system hot tub – a fantastic outdoor space for grilling, chilling and relaxing! ADA accessible family room, bedroom and bathroom. Make your appointment today to see 351 Champagne Court, a Roseburg, OR exclusive home.

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Eugene Springfield will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

Winter Is Coming… 5 Reasons to Sell Now!

by Mary Gilbert

Winter Is Coming… 5 Reasons to Sell Now! | Keeping Current Matters

People across the country are beginning to think about what their life will look like next year. It happens every fall; we ponder whether we should relocate to a different part of the country to find better year-round weather, or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait.

If you are one of these potential sellers, here are five important reasons to sell now instead of in the dead of winter.

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market (which is 4.5-months).

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market soon.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase, reaching historic levels in 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream homes within the existing inventory have turned to new construction to fulfill their needs.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007's pace. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler. 

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.57% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.  

That is what is truly important.

If you are considering putting your home on the market this winter, visit Roseburg Properties or give me a call at 541.371.5500 to get started! 

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Exploring Roseburg Oregon #8: The Price Is Right Live!

by Mary Gilbert

The longest running game show is coming the Umpqua Valley! Come and see the show that you can win from your seat right in the audience. With games like “Bid $1,” “Come on Down,” and “Plinko Time” this is sure to be a show you don’t want to miss.

The show will be at Seven Feathers Casino Resort from Thursday, November 24th to Sunday, November 27th. Thursday through Saturday shows will start at 8 pm and the Sunday show will start at 2 pm.

This is a 21+ event. Reservations are required.

For more information call (877) 772-5425

 

Venue
Seven Feathers Casino Resort
146 Chief Miwaleta Lane
Canyonville, OR 97417 United States + Google Map

Phone:  888-677-7771

EVENT WEBSITE

You Can Never Have TMI about PMI

by Mary Gilbert

You Can Never Have TMI about PMI | Keeping Current Matters

When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a home with a down payment below 20%, you can never have Too Much Information (TMI) about Private Mortgage Insurance (PMI).

What is Private Mortgage Insurance (PMI)?

Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It's a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.

Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.” 

According to the National Association of Realtors, the average down payment for all buyers last year was 10%. For first-time buyers, that number dropped to 6%, while repeat buyers put down 14% (no doubt aided by the sale of their home). This just goes to show that for a large number of buyers last year, PMI did not stop them from buying their dream homes.

Here’s an example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI:

You Can Never Have TMI about PMI | Keeping Current Matters

The larger the down payment you can make, the lower your monthly housing cost will be, but Freddie Mac urges you to remember:

“It's no doubt an added cost, but it's enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”

Bottom Line

If you have questions about if you should buy now or wait until you’ve saved a larger down payment,give Roseburg Properties Group a call 541.371.5500 or email [email protected] for help explaining the market’s conditions and help you make the best decision for you and your family.

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Displaying blog entries 1-10 of 19

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Contact Information

Photo of Mary Gilbert Real Estate
Mary Gilbert
Keller Williams Realty Umpqua Valley
2365 NW Kline Street, Suite 201
Roseburg OR 97471
541-371-5500
Fax: 541-371-5501

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