Real Estate Information Archive

Are you looking at buying North Bend real estate? If you are self-employed and are considering purchasing a North Bend home it is important to be aware of the changes that have occurred in order to obtain a loan.  As everyone is well aware, getting a loan is not nearly as easy as it used to be. Those who are self-employed are having a more difficult time borrowing money and must provide documentation that shows their income.  The IRS is being contacted for verification by many lenders and any fraudulent income claims are being dealt with.

In a nutshell, if you are self-employed and applying for a mortgage loan for Coos Bay real estate, be prepared.

• Line up all of your documents showing your income before going to apply for a loan.
• Check your credit and do what you can to improve your credit score.
• Pay your bills on time.
• Most importantly, tell the truth, misrepresentation can cost you.

Many lenders, Chase being one, are hiring more loan officers, convinced that the low rates are going to bring many more new loans and refinance loans in the next 18 months or so.  Mortgage rates have been decreasing since April, closely tied to the unsteady economy, where wary investors are putting their money in safe investments like Treasury Bonds.  As these yields go down interest rate goes down as well.  In other words, the unsteady global economy equal good news for home buyers acquiring a mortgage and home owners who are refinancing their home loans.  If you are self-employed and can provide decent and accurate documentation there is no reason you shouldn’t be able to secure a home loan for a Coos Bay home.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Have you been thinking about trading up your North Bend home?  Headlines touted the infamous line once again this week that mortgage rates are at historic lows, inciting the burning question, “Is now the right time to upgrade my home to a bigger, better one?”  Affordability is at an all-time high at many places throughout the Country and if one has the ability to acquire and secure a mortgage, the cost of buying a North Bend Oregon home is better than it has been in years.  That being said, wanting to move up and being able to move up are two different things, and it is a great time to take a hard, honest look at what makes sense for your particular situation.

Finances.  If your current mortgage is a stretch financially then you should hardly consider taking on more.  If you have a solid steady income and can afford more, it is a great time to start looking for a housing upgrade.  Affordability is seen as housing costs taking up 30% of a household’s monthly income, if a new mortgage will keep you there a new home makes sense.

Current home.  Do you need to sell your current North Bend home to buy a new one?  If you can hold on to your current home and rent it until the market is fully recovered, your investment can be sold at a bigger profit.  This is especially wise if your current home can be rented for more than the mortgage payment every month.

It is not a wise idea to upgrade to a new home if it does not make financial sense for your future.  If it does make financial sense there could never be a better time to jump into a new home.  It is a great time to discuss a possible move with a financial advisor or a qualified North Bend real estate professional.

Click here to read a recent article from Realty Times regarding upgrading to a new home.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Acquiring financing for Coos Bay real estate has gotten tougher, there is no disputing this fact, however it is possible to secure a mortgage for buying a home.  If you have a steady source of income and good credit you should have no problem getting a mortgage, but there are a few things to consider so that the financing comes through when you need it.

When it comes to Coos Bay real estate many people believe that if they are approved for a loan then they are guaranteed their money at closing, this is not necessarily true.  Nothing is guaranteed these days, especially when it comes to money, and it is very important not to affect your credit before closing.

If you have secured a mortgage for a Coos Bay home purchase do not go out and increase your credit card spending, do not go out and buy a new boat or car, do what you can to be conservative and keep your finances the way they were when you were approved, or better.  Significant changes to your credit could end up canceling out your loan at closing time.  Keep things copasetic financially and the closing for your Coos Bay property should occur without any drama.

Click here to read a recent article from Realty Times regarding the importance of maintaining your credit until closing.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

The recession has had a few benefits for those looking for the next best deal, one of which is the Coos Bay short sale property.  Short sales are when home owners owe more than their homes are worth and sell them for less than is owed.  For the seller a short sale is a way to avoid foreclosure.  For a buyer a short sale can be a great investment opportunity.  The downside of a short sale is that the procedure can be lengthy and frustrating at times. A short sale is dependent on the lender’s approval and the lender’s involvement typically slows the entire process down.

Here are a few basics that can help you through this interesting Coos Bay real estate procedure:

• Know what the home is worth.  A Realtor can do a comparative market analysis (CMA) and let you know what the home is worth.  While you will probably pay less than the home’s value, submitting an offer that is too low will most likely be rejected by the bank.
• Find a real estate professional that has experience with short sales.  A certified distressed property expert (CDPE) for example, is a real estate professional that has undergone specific training related to the sale of distressed properties.
• Be prepared.  Just like buying regular real estate, have your money ready.  If you will be getting a loan, do your mortgage homework before you enter the short sale process.

Above all, patience is a necessity when completing a Coos Bay short sale.  The process can be a long one and waiting it out, while tiring, is unavoidable if you want the purchase to succeed.

Click here to read an article about short sales from NPR.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

While it is true that the home buyer tax credits spurred Coos Bay real estate sales during the past 12 months or so, it is also true that that is exactly what the tax credits were designed to do. There is an old saying, “all good things must come to an end”, the tax credits could not last forever but just because they are gone does not mean that recovery is not occurring.

What does the Coos Bay real estate market have going for it now?  Two very important things: low mortgage rates and low home prices.  While a tax credit may be helpful up front, low mortgage rates can save much more than a tax credit over the length of a loan, diminishing the overall cost of a home by thousands of dollars.

Coos Bay real estate is recovering at a steady pace.  While impatience may create a doubt about the reality of recovery it is important to remember that it is a boom that created the bust in the first place, and a slow approach is more likely to be a secure step in the right direction.

Click here to read a recent article from Realty Times regarding the current state of real estate.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

The good news for Coos Bay real estate is that the upheaval of the global financial market has produced a positive side effect: historically low mortgage interest rates. For the past year or so we have been hearing about historically low interest rates, repeatedly being told that the rates are the lowest that they have been in 30 years, since the tracking of interest rates began. This week the headlines have been blaring the same news again, with interest rates even lower than they were the last time that they were at 30 year lows just a few months ago. Currently a 30 year fixed rate mortgage can be locked in for a 4.87% interest rate. Even jumbo loans have fallen, with an interest rate of 4.5%. While there is much hype about the tightening of the financial market and the hoops a borrower has to jump through to secure a loan, there couldn’t be a better time to refinance or purchase a new home in Coos Bay. It’s a great time to either own a home or buy Coos Bay real estate. Low interest rates can shave a great deal of money off of the cost of a home over the lifetime of a loan. If you have good credit, a steady source of income and have been thinking about purchasing real estate then you owe it to yourself to get out there and start looking, unless of course you can afford to wait another 30 years or so.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Home inspections are a very important step when buying a Coos Bay real estate and it is important to understand the basics before entering the process.  After choosing a home to purchase and going under contract one of the first steps is setting up a home inspection.  A qualified Coos Bay Realtor will undoubtedly know an experienced home inspector but it doesn’t hurt to do some research on your own and locate an inspector with an excellent track record and references.

Don’t get hung up on the cost of your home inspection.  Inspections can vary by the size of a home but typically average somewhere in the three to four hundred dollar range.  Choosing an inspector based on price could hurt you in the long run and the inspection is one expense you do not want to skimp on.

When it comes to Coos Bay real estate written inspection report is a key element in the home inspection process, allowing you to see what needs repair.  A good inspector should be able to provide you with estimates for the needed repairs or at the very least be able to recommend where you can get them.

A home inspection is an important piece of the home purchasing puzzle.  Take your time and use your Realtor to help you through the process.

Click here to read an article from Realty Times about the importance of home inspections.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

When it comes to Coos Bay real estate it is no secret that it is a buyer’s market out there, great news for buyers, not so great for sellers.  Sellers are no longer in a position to dictate the rules of the game and have to be careful how they respond and counter to offers, due to the fact that if a buyer doesn’t get his way he might just move on to the next seller, and there are a lot of sellers out there.

There are a few difficult things about being a seller today.  A seller doesn’t know how long it will take to sell his Coos Bay home and when he gets a contract he can’t guarantee whether another one will come or not.  What this means is that if a seller has to sell his home then he has to be wary of scaring the buyer away.

The inspection is one aspect of a contract where a seller can lose his shirt.  If you are trying to sell your Coos Bay home it is a wise idea to have your home inspected before listing your home.  This way you can make the necessary improvements and will avoid being surprised by unexpected requests.  Because sellers are not in a position to capitalize on their real estate investment it is more important than ever to be on top of things, in order to retain as much value as possible.

An experienced Coos Bay Realtor is incredibly helpful in maneuvering a tricky real estate market, enabling a seller to evaluate his home, price it appropriately and sell it in a reasonable amount of time.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

If you are looking to buy a home in Coos Bay you should be aware that trying to acquire an interest only loan is about to get tougher.  Fannie Mae is changing the rules to make qualifying for interest only loans a more stringent process.  The biggest difference will be the percentage that a home buyer will have to put down on his Coos Bay real estate transaction.  Under the new rules a borrower will have to put down 30% of the home’s value to qualify for a Fannie Mae-backed interest-only mortgage.

Fannie Mae does not issue mortgages but buys them from lenders who do.  If Fannie Mae doesn’t like what it sees it will not purchase the mortgages.  The goal behind the qualification changes is to make sure that borrowers can afford to pay their mortgages.  The bursting of the housing bubble has created the need for security, to avoid any repeat performance in the future.  It is important to be prepared to secure a mortgage before buying a Coos Bay home.

Click here to read an article from CNN Money regarding interest only loans.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

If you have been thinking about using the home buyer tax credit toward a new Coos Bay home you need to act fast.  With just under two seeks left to use the tax credit there are a few points about the credit to remember.  The home buyer tax credit originated as a first time home buyer tax credit but it is no longer just for first time home buyers.  If you have lived in your Coos Bay home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.

Another important point is that if you are a current home owner who qualifies for the tax credit you don’t have to be moving up.  Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.

If you want to use the home buyer tax credit toward purchasing Coos Bay real estate in 2010 you need to have the home under contract by April 30.  The home does not need to close before June 30, but the contract date is nearing.  The tax credit offers home buyers a great opportunity to save some money, so contact an experienced Realtor today and get out there and start looking at real estate.

Click here to read all about the home buyer tax credit.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.