It’s not too late, rates are still very low and fixed rates are below 4% APR and even less at the lower fixed rate terms (depending on qualifying variables). While we are primarily helping new home buyers due to how hot the Pacific NW has been, we also want to help improve our clients terms should there be a benefit in refinancing.
Please contact me with questions or to run numbers if you (or anyone you know):
* May be curious on ability to lower interest rate/payments
* Potentially lower term/shorten amortization
* Cash-out for debt consolidation, home improvements, etc.
* Remove PMI if applicable
* Home purchase- if considering 2nd home, investment property, or move-up/move down primary residence
* Remember, with our wholesale lenders competing for our clients.. it is always better to go through VMG as local and independent versus working with current loan servicer (lender you are paying now) as their rates and costs are higher (no matter what they tell you). We can provide full optional rate sheet and up to no cost loans as always.
Oregon & Washington Real Estate Update
OREGON (starting to see some relief for buyers in many areas, inventory improving slightly):
The median home value in Oregon is $314,400. Oregon home values have gone up 9.5% over the past year and Zillow predicts they will rise 3.7% within the next year. The median list price per square foot in Oregon is $205. The median price of homes currently listed in Oregon is $349,999. The median rent price in Oregon is $1,750.
Foreclosures will be a factor impacting home values in the next several years. In Oregon 3.6 homes are foreclosed (per 10,000). This is greater than the national value of 1.6
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Oregon is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Oregon homeowners underwater on their mortgage is 0.1%.
WASHINGTON (inventory up, but still very competitive in metro areas favoring sellers):
The median home value in Washington is $342,000. Washington home values have gone up 10.9% over the past year and Zillow predicts they will rise 4.4% within the next year. The median list price per square foot in Washington is $196. The median price of homes currently listed in Washington is $349,000. The median rent price in Washington is $2,000.
Foreclosures will be a factor impacting home values in the next several years. In Washington 2.1 homes are foreclosed (per 10,000). This is greater than the national value of 1.6
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Washington is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Washington homeowners underwater on their mortgage is 0.1%.
Harris advises doing your due diligence and finding a mortgage professional you can trust.
“Don’t enter the market without talking to a mortgage professional and being pre-approved,” he says. “Going to look at houses with a real estate agent is the fun part — people get attracted to a house and have emotions attached.”
He also suggests you get advice from a neutral mortgage expert.
“The agent might, intentionally or unintentionally, steer them toward a preferred lender that may not be in the consumer’s best interest. So they’re now paying a high rate or agreeing to terms that aren’t right.”
To help keep you grounded in your financial reality, consult a mortgage professional before visiting open houses with your agent.
Mortgage rates are still low historically and a great time to buy or refinance. Predicting the future of rates, other than Fed actions and market reactions, is difficult today. With the stock market at a historically high level and economic and international issues uncertain… volatility may be in our near future. We expect rates to slowly rise, but these unknown events during a unique time in our history, we certainly watch closely.
You can check or share our pricing engine to run custom scenario:
If you know of anyone buying a home now or in the near future, please share VMG with them.
To keep an eye on our market-leading mortgage rates or pass on to a friend or family member in the market to buy or refinance, visit our blog: https://vantagemortgagegroup.com/blog/
Looking Back 10 Years…Many Thanks to Everyone!
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16325 SW Boones Ferry Rd. Suite 100 Lake Oswego, OR 97035
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